An investor from Sydney has purchased the Chancellor Village Shopping Centre in Sippy Downs on Queensland’s Sunshine Coast for $10 million.

The shopping centre at 11 Chancellor Village Boulevard is positioned on a 4,801m2 site with approximately 1,373m2 of net lettable area, along with 73 car parks.

The property was sold off-market by Ray White Commercial QLD’s specialist Retail Sales team of Stephen and Elliot Kidd.

“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,” Kidd said.

Located directly opposite a large Dan Murphy’s Tavern and a Woolworths-anchored centre, the area is a vibrant retail hub of activity

“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 7% return for our seller.

“These returns compare favourably with those offered down south. We simply require more shopping centres to sell, with private investors comfortably looking for investment properties to $30 million.

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

The property was sold off-market by Ray White Commercial QLD’s specialist Retail Sales team

“Located directly opposite a large Dan Murphy’s Tavern and a Woolworths-anchored centre, the area is a vibrant retail hub of activity.

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