Developer re-focuses on housing

Developer re-focuses on housing

A Sunshine Coast developer has sold its last commercial property to focus on its growing residential pipeline.

Melbourne-based MPG Funds Management paid $6m for the property at 1 Currie Street, Nambour, in a deal that realised a 7.19 per cent yield.

The property was acquired by Cube Developments in 2015. Cube managing director Scott Juniper said the sale was motivated by the need to re-allocate funds to the company’s growing residential pipeline on the Sunshine Coast.

IJ Hooker Commercial’s Daniel Cullinane, who struck the deal with Markus Eames, said the property was to go to a formal campaign but MPG made an early offer which was accepted by Cube Developments.

On a high exposure 2543sq m site the building has a net lettable area of 2115sq m with dual street frontages and 64 exclusive use undercover car parks.

 

Publication: The Courier Mail