A large format retail centre in NSW mid North Coast has transacted for $5,175,000 to a private investor.

100% tenanted by The Good Guys, the property located at 300 Pacific Highway in Coffs Harbour generated solid interest from over 120 buyers, with multiple offers submitted during the sale campaign.

The deal was brokered by Savills Retail Director Jon Tyson who said the sale represented a yield of 7.49%.

“We are seeing solid and ongoing demand for large format retail assets and we are predicting this trend to continue well into the New Year,” Mr Tyson said.

The 2,496sq m property sits on a large corner site totalling 5,916sq m in the heart of the major coastal town on the mid North Coast of NSW.

“With a regional catchment of over 200,000, Coffs Harbour is also one of the fastest growing and most dynamic areas within regional NSW.

“The purchaser was attracted to the solid lease covenant and freestanding nature of the investment,” Mr Tyson said.

Savills strong run with large format retail sales continues backed by the success of the $130 million national Good Guys portfolio campaign along with the recent sale of Coffs Harbours’, Home Central Retail Centre anchored by Spotlight which sold for $11.75 million.