A Sydney investor has spent $10 million on a Sippy Downs shopping centre.

An interstate investor has snapped up a Sippy Downs shopping centre for $10 million.

A Sydney investor has purchased the Chancellor Village Shopping Centre for $10 million.

A Sydney investor has purchased the Chancellor Village Shopping Centre for $10 million as interstate demand for Queensland assets continues to rise.

Ray White Commercial Queensland’s specialist retail sales agents Stephen and Elliot Kidd sold the 11 Chancellor Village Boulevard property off market.

The shopping village’s tenants include Pizza Hut, Sun Sushi, Snap Fitness, Shine Beauty and H&R Block.

The centre offers 73 car parks and is on a 4801sq m site, located opposite First Choice Liquor and the Woolworths-anchored Chancellor Park Marketplace.

“Chancellor Village comprises a diverse mix of 14 convenience and services type tenants, with two ATMs and a communications tower,” Elliot Kidd said.

“ … the area is a vibrant retail hub of activity.”

Ray White Commercial agents have sold Chancellor Village Shopping Centre off market for $10 million.

Mr Kidd said the property was last sold in 2009.

“We know how much interest tenanted shopping centres are generating, so we engaged in a targeted canvassing campaign, knowing offers would come from our database,” he said.

“Producing $700,000 net income per annum, the opportunity existed for the buyer to purchase a shopping centre with a strong income, representing a strong seven per cent return for our seller.

“These returns compare favourably with those offered down south.”

Mr Kidd said interest in properties such as the centre would continue to rise.

“We’ve seen a dramatic rise in interstate demand for assets like these in the last year as investors look to the relative Covid safety of the Sunshine State and are banking on our continued economic and population growth from migration to regional areas of Queensland,” he said.

“We simply require more shopping centres to sell, with private investors comfortably looking for investment properties to $30 million.

“The Sunshine Coast has a number of exciting development projects in the pipeline and the area of Sippy Downs will only increase in popularity.”