Buyer swoops on popular Ashmore Plaza tenancies

A SYDNEY investor who bought a swag of shops at the popular Gold Coast shopping plaza has come back for more, swooping on a second lot within a month of the first buy.

Shops at Ashmore Plaza have sold.

A SYDNEY investor has purchased a second lot of Ashmore Plaza tenancies within a month of buying the ground floor.

Colliers International senior executive Asia Markets Lian Lee, who negotiated both sales, said the investor was so pleased with their purchase of the 308sq m ground floor, comprising seven tenancies, that a decision was made to buy another 673 sq m with five tenancies.

The first purchase was made at auction for $1.18 million.

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The latest sale, of lot 11, includes tenants ranging from a beautician, Chinese physician, op shop, and a florist/homeware store.

It returns $30,000 annual rent to the owner.

The purchase price was not disclosed, but it sold on a 7.5 per cent yield.

“Ashmore Plaza is a popular, well-patronised retail precinct and presented a unique opportunity for entry-level investors,” Ms Lee said.

Both lots were sold by Chi May Pty Ltd and Gasine Pty Ltd, linked to Paradise Point residents Wen-Chi Yeh and Nien Chin Tu.

They formed part of 16 tenancies, across multiple lots, purchased in the Woolworths-anchored centre for $2.214 million.

Ashmore Plaza is a prime ground-floor retail lot located on the intersection of Cotlew St and Currumburra Rd – both major traffic thoroughfares.

The centre is anchored by Woolworths, with tenants including CHEMPRO pharmacy and Australia Post, as well as more than 50 specialty shops and parking for 500 vehicles.

Ms Lee said Ashmore Plaza had been a popular place to shop for nearly four decades since it was built by John Jenkins in 1979, when there were dirt roads.

“The current overseas owners purchased the property almost 30 years ago,” Ms Lee said.

“Ashmore is in a high-growth location dominated by young families and surrounded by a wide range of community facilities and amenities.”

Within a 2km radius, there are seven schools (both state and private), TAFE Gold Coast, three retirement villages, the Griffith University/Gold Coast University precinct and the 2018 Commonwealth Games village.