A HIGH-PROFILE Bomaderry retail centre has sold for more than $8 million.
The centre, located at 273 Princes Highway, Bomaderry is home to Red Rooster, Domino's, Harry's Cafe de Wheels, and an Elephant Car Wash.
It was sold at auction by real estate services firm Cushman and Wakefield for $8.05 million.
The site was sold by Sydney development firm, Isaac Property who developed the convenience retail travel centre at the location, which comprises three separate properties.
Also on the site is a Shell Petrol Station, a Bridgestone and a soon-to-be built Hungry Jacks.
The sale to a private Sydney-based family group represents a 4.66 per cent yield.
The centre is tenanted by Red Rooster on a 10-year lease, Domino's (seven-year lease), Harry's Cafe de Wheels (10-year lease), and an Elephant Car Wash (10-year lease), returns a rental income of $375,000 per annum.
The site was one of 17 properties, comprising fuel and convenience retail assets, childcare centres, fast food, large format retail outlets, and a medical centre, sold under the hammer by Cushman and Wakefield for a total of $94.3 million.
Held at Sydney's Doltone House, the auction attracted approximately 150 attendees.
Cushman and Wakefield's national director, head of Investment Sales Michael Collins said private investor demand for commercial real estate assets continues to go from strength to strength.
"We sent out almost 400 contracts pre-auction and clearance rates across our last three auctions are running around 90 per cent," he said.
Earlier this month, a development application was lodged with Shoalhaven City Council by KMC Orange Pty Ltd, of Newcastle, to build a Hungry Jacks outlet in Bomaderry at the adjoining Shell Coles Express petrol station site.
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