Intrasia Oxley RE purchases shopping centre for AUD$23 million

March 13, 2015

FUND manager Intrasia Oxley RE has purchased the Metro Markets shopping centre in Biggera Waters on the Gold Coast for $23.05 million.

The mall is anchored by Drakes Super IGA and has 34 speciality stores and five offices. There is a total of 6980sq m of lettable space.

The centre, which has potential for further high-density development, has an average lease length of 5.9 years with a net income of $2.757m per year.

The deal was brokered by McVay Real Estate.

PRICE: $23.05m

BUYER: Intrasia Oxley RE

SELLER: Private investor

YIELD: 8.36 per cent

AREA: 6980sq m NLA

AGENT: Will McVay, McVay Real Estate