BROCKE Hambrecht and the Ray White Commercial Northern Corridor Group team have successfully sold the entire retail component of The Mill Central Precinct’s first mixed-use development.
In a real vote of confidence for the region, all units were purchased off-plan by southern investors willing to absorb short-term vacancy risk, in exchange for what they see as inevitable longer-term growth.
“It has actually been surprising that out-of-state buyers were first to act, while local investors, who can actually touch and feel the progress going on here every day, were too slow to move,” Mr Hembrecht said.
The mixed-use design model is a proven formula in most major cities, but this complex with 28 residential units and five strata retail tenancies, is the first example within the new Mill Central Precinct.
Ray White Commercial Northern Corridor Senior Investment Analyst Ashley Rees believed this was a sign of a new trend in commercial investment for the region.
“We expect to see more of this speculative investment into vacant properties,” Mr Rees said.
“Competition is just too fierce for the traditional secure investments, and fear of vacancy is dwarfed by the confidence in the robust growth of the Northern Corridor.”