This article is from the Australian Property Journal archive
FIRESTAR Developments has paid $3.85 million for the Boonooroo Park shopping centre in Carrara on the Gold Coast.
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Firestar plans to build a service station onsite, which will be leased 7-Eleven on a 15-year term.
Colliers International`s Stewart Gilchrist and James Crawford sold the property following an expressions of interest campaign.
Crawford said given the development upside, it was highly sought after by investors, major service station operators and developers alike.
“The campaign attracted more than 100 enquiries and resulted in 14 parties submitting expressions of interest to buy.
“Three national service station operators submitted offers to lease the proposed service station tenancy on long term leases. This demand by the service station operators fuelled the buyer demand,” he added.
“The ultimate buyer, Firestar Developments purchased the retail centre subject to securing a service station lease and extended settlement terms to allow for council approvals. Whilst the property was under contract we were able to negotiate a new 15 year lease plus options with 7-Eleven on behalf of the buyer,” Crawford added.
“We believe new tenants will be attracted to the currently vacant tenancies, and the Centre‘s popularity along with local residents and passing motorists numbers will significantly increase,” Firestar Developments head Tony Lenan said.
The older style brick freestanding shopping centre comprises 11 tenancies with 30% vacancy and a mix of tenants including a bottleshop, Pizza Hut and Foodworks. It is situated on a 4,944 sqm site, has a net income of $204,384 per annum and features 52 car spaces.
Australian Property Journal
