Cooloola Cove Shopping Centre sells for $18m to SCA Property Group

The $18.1m buy represents a $6m profit for its previous owners

Cooloola Cove’s shopping centre has sold to an ASX listed company for $18.1 million.

The Cooloola Cove shopping centre has been sold to an ASX-listed property group for an eight figure sum as part of a $90 million splurge by the company.

The Sydney-based SCA Property Group bought the coast towns's shopping hub for $18.1 million last month, and the deal was formally settled on Monday.

SCA bought the centre from Brisbane-based Altor Capital, which purchased it in October 2018 for $12.85 million.

The centre was sold off-market by Peter Tyson of Savills Australia with commercial real estate news site Commo saying the sale set a new benchmark yield (the return to investors) record for regional Queensland of 5.85 per cent.

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

It has a lettable area of 4300 square metres anchored by Woolworths with 10 specialty tenants along with grade level car parking for 233 vehicles.

The centre was bought by Altor Capital in October 2018 for $12.8 million.

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The purchase was one of several deals made by SCA during the month which included $55.1 million for the Katoomba Marketplace in the Blue Mountains, $10 million for a vacant block next to Greenbank Shopping Centre south of Brisbane and $6.4 million for a petrol station at Palmerston in the Northern Territory.

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Other properties in SCA's portfolio include Auburn Central in New South Wales, Bentons Square at Mornington, Victoria, and Currambine Central in Western Australia.

Savills' Mr Tyson said in an interview with Commo earlier this month the Cooloola Cove centre was the "dominant food and service destination situated in a wide-ranging trade area".

Originally published as Cooloola Cove Shopping Centre sells for $18m to SCA Property Group