Tuggerah property sold on 6.5% yield

Perth-based property investor Properties & Pathways has announced the sale of their Tuggerah Super Centre at 9 Bryant Drive, Tuggerah for $10.8 million providing the buyer with a yield of 6.5%.
Properties & Pathways acquired the property in June 2016 for $7.54 million – a return of 40%.
“Tuggerah Tiles leased 400 square metres and we secured another long lease to a national furniture retailer, Oz Design, across another 1,237 square metres.”
Major tenants include Nick Scali and Officeworks.
The property with a floor area of 4,118 sqm is on a 8,094 sqm lot opposite Bunnings.
It was acquired Sydney investor Chusan Corporation Pty Ltd.
The sale was negotiated by Nick Williams and Justin Dowers from CBRE.