INVESTMENT in the tightly held Gold Coast commercial sector continues with the sale of Ashmore Plaza for $16.85 million to Tsuen Fung Holdings.

The sale represents a passing yield of about six per cent and a sale rate of $4638sqm. Agents Simon Rooney and Jacob Swan, of Jones Lang LaSalle, negotiated the sale after fielding intense national interest.

Mr Rooney says the current market, combined with redevelopment prospects, presents lucrative investment opportunities for the property.

"Ashmore Plaza presented a rare opportunity to acquire a strong-trading, Woolworths-anchored neighbourhood shopping complex with potential for future redevelopment and site consolidation, in one of Australia's strongest population growth precincts," he says.

"In its current configuration, the centre is securely anchored by a 2435sqm Woolworths, 17 specialty retail tenancies and two ATMs. Extensive A-grade car parking provisions, high exposure and accessibility and a densely populated main trade area underpin the position of Ashmore Plaza in this highly desirable investment market sector."

The centre's position, near substantial retail holding, presents significant opportunity, says Mr Rooney.

"In growth areas where population densities will inevitably increase, it is the long-term potential of many neighbourhood centres to develop further that is making them an attractive investment proposition," he says.

Mr Swan says the State's south-east is a primary focus for retailers and shopping centre investors.

"The buoyant outlook for the economy and the impact of record levels of interstate migration to regions like the Coast is driving demand for assets of this nature," he says.

The 1472-hectare Ashmore Plaza Shopping Centre site produces a fully leased net income of more than $1 million a year.