Rockhampton on national hot property list of rising commercial markets
The Kern Arcade and carpark in Rockhampton’s CBD has sold for $5.15m to an interstate buyer.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
The Kern Arcade and carpark in Rockhampton has been sold by the Cooper family for $5.15m to a buyer with a Victorian address.
The property settled two weeks ago - four years after the East Street arcade section of the complex closed its doors yet the three-level Bolsover St carpark continued to operate.
According to the CoreLogic property website the sale date for the two-part complex was mid March.
There were no details about the commercial marketing of the property or the new owner other than their address in Preston, Melbourne.
The arcade, which contained 16 shop spaces, remained vacant this week with no sign of activity in the centre, which from observations was being kept in a clean and tidy state.
Most of the previous shop signs remain in place.
CoreLogic records indicate Glynn Cooper and Co Pty Ltd bought the Kern Arcade from the Kern Corporation in 1993 for $1.7m.
Glynn and Althea Cooper had originally opened a clothing store in 1953 in Bolsover St before the Kern Arcade was officially opened by then mayor Jim Webber in 1987.
Glynn passed away in 1989 and Althea continued to act as an operator until she fell ill and passed away in 2005.
The Glynn Cooper and Co Pty Ltd company is now registered to Craig and Clark Cooper. Attempts to contact them in relation to the sale were unsuccessful.
Knight Frank Rockhampton’s Neale Crow said the sale was another example of strong demand in the Rockhampton commercial market.
Supporting this view were property valuers Herron Todd White’s chart for identifying rising commercial markets in March across Australia.
It was a list dominated by Central Queensland centres, with Rockhampton, Emerald, Gladstone and Mackay included. Ballarat in Victoria was the only other location mentioned outside the region.
“We’d still have more buyers than stock,” Mr Crow said about the current Rockhampton market.
“We’ve been transacting a fair few properties and the yields are about 6.25 per cent to 8 per cent depending on the length of lease or if it’s a local or national tenant.”
He said given current conditions he couldn't see any slow down in demand.
CoreLogic lists three recent large commercial sales in Parkhurst and Kawana ranging between $5.7m to $9.1 million while there was a major retail sale in Yeppoon for around $5m.
More Coverage
Originally published as Rockhampton on national hot property list of rising commercial markets
Grand reopening: Historic Rockhampton nightclub to return
Flamingos nightclub is back, and several stars are set to usher in the exciting new era. Turn back the clock with our mega pic gallery.
Chemist Warehouse founders linked with arcade purchase in Rockhampton
The purchase of the Kern Arcade by Chemist Warehouse billionaires has raised speculation the company will shift its Rockhampton City franchise.
Race against time to ‘resurrect’ stalled Yeppoon EV project
As a statewide rollout of EV charge stations reaches the remote town of Injune, the meter is running for Livingstone Shire Council to kickstart its own stalled project.
Feisty hot hatch that is one of the best drives you’ll find for $55k
Keen drivers will fall in love with Hyundai’s i30N that has developed a cult following.
This investment’s popularity has grown despite stockmarket turmoil
Investors pumped more money into a fast-growing financial product even as shares tumbled earlier this month. Here’s why.
Railway worker goes full circle back to hometown pub
After suffering two heat strokes in one day, railway worker Steve Wesche thought it was time to stop swinging the hammer and instead get behind the till.