Shopping centre sold

Stable income and strong development opportunities have attracted investors to a Peregian Springs retail centre.
After a short time on the market the Peregian Springs Shopping Centre has sold for $41.5 million.
The centre is home to a strongly performing Coles supermarket, 14 speciality tenancies and three medical centres.
The centre currently has a footprint of 4772 square metres on a land area of 3.73 hectares.
With a low site usage ratio of 13 per cent, the centre provided significant redevelopment potential, as well as its current tenancy income.
The centre has a weighted average lease expiry (WALE) of 7.5 years.
Located in a high-growth trade catchment, the area is expected to be home to a further 1800 people within the next four years, with 110 more housing lots being developed within the area now.
The centre was marketed by agents JLL and CBRE.