This article is from the Australian Property Journal archive
THE Gold Coast’s Coles-anchored Ormeau Village Shopping Centre has hit the market for the first time.
The 5,003sqm fully leased shopping centre is located on a 23,490sqm site just off the M1 Pacific Motorway in the Brisbane – Gold Coast growth corridor between Brisbane and Surfers Paradise and features a full line 3,416sqm Coles supermarket and Liqourland plus 16 specialty shops and parking capacity for 255 vehicles.
Peter Tyson and Jon Tyson from Savills are managing the sale of the asset via an expressions of interest campaign on behalf of the vendor, Coles Group Property Developments.
“Ormeau Village is a prime near-new convenience-based neighbourhood centre in a major growth corridor. This asset class has proven to be extremely resilient investment strategy providing stable and defensive income streams, under-pinned by everyday consumer staples,” said Peter Tyson, national director at Savills.
The centre also features a WALE of more than eight-years, with Coles and Liqourland accounting for nearly 70% of GLA.
Having traded strongly since opening, the Coles and Liqourland are being offered on a rate net lease until December 2032 plus options until 2072. The tenants have also seen robust year-on-year growth, reflecting the ongoing growth of the catchment.
With the Gold Coast’s population reaching over 630,000 in 2021 and forecast to hit over 1,000,000 residents between 2040 and 2050, Savills reports that much of this growth will be focused on the land corridor between Brisbane and the Gold Coast, including areas such as Pimpama, Coomera and Ormeau.
“The Ormeau trade area population is forecast to increase to over 34,000 by 2036, which augurs well for ongoing strong local demand for neighbourhood retail and services. Ormeau Village is well placed to benefit over throughout the short and longer term with these dynamics,” said Jon Tyson, director of retail investments at Savills, Brisbane.
The expressions of interest campaign for Ormeau Village Shopping Centre is set to close on 19 October 2022.
