SCA Property Group has purchased the Worongary Town Centre on the Gold Coast for $46.3 million.

The Coles-anchored neighbourhood shopping centre features 42 retail, medical and office tenancies, as well as a freestanding Caltex Service Station, and Red Rooster and Zarraffa’s Coffee drive-through pad sites. The 6,900sq m centre was developed in stages from 2004 to the most recent extension in 2016.

The transaction reflected a yield of six per cent and was brokered by Peter Tyson and Jon Tyson of Savills on behalf of AHC Ltd, following a competitive expressions of interest campaign that generated over 200 buyer enquiries.

“SCA was attracted to Worongary’s strong trade area dynamics, with population growth projections forecast to exceed four per cent annually over the next decade,” said Tyson.

“This augurs well for centre trading performance.”

The Worongary centre is the second Gold Coast acquisition by SCA this year and brings to three, the number of centres they own in the region. The transaction follows the group’s purchase of the Woolworths-anchored Mudgeeraba Market complex in April for $35.8 million, in a deal also brokered by Savills.

SCA now operates and manage approximately 75 shopping centre assets across Australia, with a combined value of over $2.364 billion as at 30 June 2017.

“Demand for neighbourhood centres which feature solid fundamentals, including strong anchor tenant performance and good population growth, remains robust and we don’t foresee this market demand wavering for the balance of the year,” said Savills director of retail investments in Queensland, Jon Tyson.

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