Miami Shopping Village on Gold Coast sells to investor for $9.1m

Gold Coast neighbourhood shopping centres continue to be in strong demand with the latest sale to a local investor for $9.1 million. FIND OUT WHERE

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MIAMI Shopping Village has sold offmarket to a Gold Coast investor for $9.1 million.

The offmarket sale of the fully-leased 7160sq m property at 110 Mountain View Ave was struck on a yield of 5.98 per cent by Thomas Clark and Ryan Langham of Ray White Commercial Broadbeach.

Mr Langham said there was a strong appetite from investors for investment retail stock, which was in short supply.

“The yields are sharpening because there are not a lot of quality assets coming to the market priced between $3 to $10 million,” he said.

“This buyer saw it as a value-add proposition given the low site coverage of 24 per cent and the opportunity to reconfigure the offering.

Miami Shopping Village has sold

“This asset had plenty of appeal given the position of the land that is perched up on the hillside with great views of the city skyline.”

Mr Clark said the sellers were Sydney-based investors seeking to take advantage of strong market conditions.

”They have plans to reinvest in other markets and opportunities across the Sydney and Queensland market. The asset was sold fully leased, but when the seller bought back in 2014 there were vacancies and works needed to secure a Metro Petroleum operator.”

Mr Clark said there were 100 inquiries on the property and multiple offers before it sold.
The sale settled this week.

Miami Shopping Village was offloaded by Miami Lot 1 Pty Ltd, associated with Ivan and Anne Handel, which paid $4.925 million for the property in 2014.

Tenants at the centre, which has a WALE of 2.87 years, include BWS, Spar and Miami Village Medical Practice.

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