Northway Plaza sells for $14m
NORTHWAY Plaza has sold for a whopping $14 million just four years after the North Bundaberg shopping centre was devastated by floods.
Burgess Rawson Queensland's Glenn Conridge, who negotiated the sale, said the property, which had 12 specialty tenancies alongside the popular IGA, fielded interest from Sydney and Melbourne.
He said the city's road to recovery seemed all but complete with the sale of Northway Plaza for $14 million on an impressive yield of 8.43%.
"This site is all about location, location, location - coupled with tenant security and modern facilities, it's no wonder the property had so much interest,” Mr Conridge said.
"During the campaign, we had a number of expressions of interest in this property, particularly from syndicated fund groups out of Sydney and Melbourne,” he said.
The owners of shops inside the centre spoke to the NewsMail yesterday about the impact the sale would have.
The Little Green Frog owner Clint Heathorn said from the tenants' point of view, there would not be a lot of difference.
"But it'll be nice for a bit of a shake-up,” Mr Heathorn said.
"There's two big pieces of land out the front, either side of the driveway, and with the amount of traffic that goes past it'd be perfect for something - maybe a petrol outlet or a fast food outlet would be a big draw card for the centre,” he said.
"It's nice that they obviously have some faith in the centre.”
Hughes Butchery owner Paul Macsween said not much had changed since the new ownership took over but it was still early days.
"A little bit more signage would be good - the floods knocked the wind out of the place but we are still here and need to be supported.
"While it's been four years, these things don't happen overnight.”
Mr Conridge said the commercial property was an excellent investment with many secure tenancies in place and access to some of the city's developing areas.
The site sold with a secure 15-year lease in place from Metcash, the parent company of IGA.