Pellicano banks $20m selling down bulky goods investment
Pellicano Group has sold the last of five subdivided assets created out of a Sunshine Coast bulky goods centre it built in 2009 as an investment.
The property which just traded – Building 1 at 10 Capital Place, Birtinya – collected $4.475 million reflecting a 6.23 per cent net passing yield.
Totally Workwear, Fire Fit and gym Jetts occupy the 1137 square metres of area.
Five offers came in following an expressions of interest campaign, according to CBRE’s Matt Marenko and Jack McCormack.
The buyer is Melbourne based, like Pellicano.
“We attracted a large range of enquiries, primarily from Brisbane, Sydney and Melbourne, from buyers who perceive the Sunshine Coast to be a safe investment option given the extremely low vacancy rates across all sectors…coupled with the region’s rapidly growing population” he added.
Birtinya is about 15 kilometres south of Maroochydore.
The deal comes eight months since HMC Capital paid $28.9m for the suburb’s near-new Vitality Village Health Hub – a five level, 4636 sqm fully leased medical centre, at 5 Discovery Court.
CBRE’s Sandro Peluso, Michael Hedger, Rem Rafter and Louisa Blennerhassett brokered that sale.
ISPT, meanwhile, last May acquired the Sunshine Coast’s Caloundra Village, for $30.5m – its third local shopping centre after Coolum Park and Coolum Village (story continues below).
10 Capital Place, Birtinya
Pellicano developed 10 Capital Place, at the south east corner of Kawana Way, with 18 tenancies.
It was subdivided in 2020.
According to RP Data, the vendor has banked $19,998,225 from the five units.
“The Sunshine Coast really stands on its own in terms of results given the dynamics of supply and demand in the region,” Mr Marenko said.
“With the exception of Stockland’s Aura project there are virtually no future land releases in the region, and there is still strong demand for retail, commercial and industrial assets” he added.
The disposal comes a week since Pellicano unveiled plans for a $225m Build to Rent village, Paloma Place, on the Gold Coast.
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