Gold Coast Convenience Centre Sells for $9.85m

The Monterey Keys Shopping Village at Helensvale on the northern Gold Coast has been sold for $9.85 million on a tight yield of 6.7%.

The sale of the centre to a private investor was negotiated by Peter Tyson and Jon Tyson of Savills Retail Investments following an Expressions of Interest campaign that generated more than 200 enquiries.

Monterey Keys Shopping Village occupies a convenient high-exposure corner location at Helensvale, 17km north of Surfers Paradise, in the Gold Coast’s high growth northern corridor adjoining Hope Island and Sanctuary Cove.

The modern centre provides a dynamic mix of food, service and medical related tenants, including an IGA Supermarket and Jetts Fitness outlet.

Peter Tyson said Monterey Keys Shopping Village is extremely well positioned to service the convenience retail needs of the local residential population in the northern Gold Coast suburbs of Helensvale and Hope Island. He said the centre’s insulated location combined with its broad and stable tenancy mix presented an attractive investment opportunity in the highly sought after convenience retail sector.

“This sale continues a strong run of retail sales on the Gold Coast and highlights the increasing demand from investors seeking yield in a low interest rate environment,” he said.

Located at 175 Monterey Keys Drive at Helensvale, the single-level Monterey Keys Shopping Village comprises two buildings set on a large site of 9,961 square metres, with the current gross lettable area of approximately 2,000 square metres representing a low site cover of circa 20%.

Jon Tyson said: “the weight of capital seeking income producing retail investment properties in the Brisbane and Gold Coast region is driving record transaction yields.”

The sale of Monterey Keys Shopping Village reinforces Savills ongoing dominance of the retail property investment transactions on the Gold Coast and follows on from Savills sale of three Coles anchored shopping centres at Upper Coomera, Banora Point and Mudgeeraba in recent months. Savills last year also brokered the sale of a brand new free-standing Kmart at Oxenford at a record low yield of 5.95%.