Cooloola Cove Shopping Centre sells for $12.85 million

The Cooloola Cove Shopping Centre has been sold to the Brisbane-based Altor Capital for $12.85 million.

The private equity and syndication firm bought the Woolworths anchored neighbourhood shopping centre off-market.

Savills agents Peter and Jon Tyson negotiated the off-market deal.

The Cooloola Cove Shopping Centre is located in the Cooloola region north of the Sunshine Coast in South East Queensland.

The largest residential development in Cooloola Cove is Cooloola Sands, a master planned community which is proposed to ultimately comprise over 800 homes.

Altor Capital Director, Phil Rhodes said that the deal was well suited to their investment model.

“We were attracted to the yield and growth potential, underpinned by long lease security to Woolworths and the ongoing population growth,” he said. 

The Centre comprises a modern single level, neighbourhood shopping centre which was completed in July 2009. 

The Centre has a lettable area of approximately 4,300 square metres anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.

“Neighbourhood centres anchored by Coles or Woolworths in the sub $15 million price point are becoming more scarce over time,” Tyson said.