May, 2015: Marian Town Centre sold for $27.4 million.
A suburban shopping centre in the booming Queensland town of Marian, just inland from Mackay, has been sold for under $30 million to a leading Sydney-based fund manager. The centre, at 247 Anzac Avenue, Marian, is close to fully leased with a 20-year lease to Woolworths as anchor tenant, an adjacent hardware store and specialty shops including a pharmacy. The fund manager intends to offer the centre for group investing.
Commenting on the sale, Robert Stanley-Turner from Box Commercial Estate Agents, said, ‘This is a ripper of a purchase with a long WALE, conservative gearing and a fixed interest rate for the first five years.’
Melbourne-based Box Commercial consults to property syndicators across Australia, monitors sales and trends in group investments and refers individual investors to investor groups.
Mr Stanley-Turner also said that the purchaser had looked up and down the east coast for population centres outside of major cities with under-serviced population catchments.
‘In practical terms, this means they need to find a population of at least 10,000 people who don’t have easy access to supermarkets, especially. If you can save people a long drive out of their residential area by making shopping more convenient, you’re saving them money as well as time. This delivers loyal shoppers, which keeps leases long and returns high,’ Mr Stanley-Turner said.
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