Fully leased neighbourhood shopping centre sells for $3.41m

Katie Rollinson | 8 months ago
Fully leased neighbourhood shopping centre sells for $3.41m

MMJ Wollongong is pleased to announce the sale of a high profile, main road investment property on the Princes Highway in Albion Park Rail which has just transacted at $3.41m.

The 2,065sqm allotment is located on the corner of the Princes Highway and Creamery Road and boasts $198,204 in nett passing income from six tenants, including BWS, Friendly Grocer and Bakers Delight.

The property went under the hammer on the 10th October, however, fell just short of reserve and was passed in. 

Selling agents Tim Jones & Travis Machan continued negotiations post auction to successfully find a buyer at $3.41m which represents a strong yield of 5.8% nett. The buyer is an experienced local investor who sought the property to add to their existing Illawarra portfolio.

"This demonstrates the ongoing strength and demand for leased commercial investment stock in the Illawarra market place."

Stay tuned for our next auction on the 28th November 2018.