This article is from the Australian Property Journal archive
MELBOURNE fund manager Peak Equities has continued its 2017 shopping spree, having now spent more than $46 million across three key acquisitions.
Its latest purchase is of the 69 Laver commercial building in Robina on the Gold Coast for $7.605 million, following the Noarlunga Commercial Complex in Adelaide’s southern suburbs for $17.55 million and Townsville shopping centre The Precinct for $22 million earlier this year.
The 15,071sqm Noarlunga bulky goods precinct at 12-18 David Witton Drive has a building area of 7,454sqm and was bought at a fully let yield of 8.39%. It comprises nine tenancies across its retail and office spaces, with occupants including Australian Red Cross, the South Australian Government, Savers, Godfreys and Laserzone.
The Precinct was picked up shortly afterwards on an initial yield of 8.34%. It comprises 34 tenants including food retailers Eagle Boys, Crust, Nando’s, Subway, and Guzman y Gomez; as well as Cellarbrations, Gloria Jean’s and a Jetts gym.
Prior to the 69 Laver acquisition, Peak Equities sold off its nearby fully leased 183 Varsity Parade office building in Varsity Lakes to Clarence Property for $11.8 million. The 69 Laver Drive property encompasses a 3,774sqm site and has 1,502sqm of net lettable area. Tenants include The French Beauty Academy and MedRecruit.
Knight Frank’s Mark Witheriff and Colliers International’s Darrell Irwin sold the property via offers to purchase on behalf of the Robina precinct developer Robina Group.
Peak Equities director, Tom Borsky said 69 Laver ticked all the boxes for the investment firm, which holds a portfolio of commercial assets located in high performing areas throughout Australia.
“Our philosophy is to seek high yielding, secure investments, with sound growth potential and 69 Laver met each of those benchmarks,” he said.
Witheriff said 69 Laver attracted more than 50 enquiries and multiple offers from a wide range of equity property funds and high net worth individuals, reflective of the high demand for well-positioned commercial assets on the Gold Coast.
“Robina/Varsity Lakes is highly sought-after, with the precinct boasting the lowest office vacancy rate in the city – at just 6.9% – and, at the same time, the highest net absorption,” he added.
Irwin said 69 Laver had appealed to both local buyers and those based interstate.
“The prime location of 69 Laver, between Robina Train Station, Robina’s Hospital and Health Precinct, and Robina Town Centre, less than one kilometre from the Pacific Motorway, also contributed to demand, as did the fact the property offers significant redevelopment potential, with eight storeys permitted.”
Robina Group general manager Hylton Slater said the sale of 69 Laver would allow the developer to focus on its pipeline of commercial and residential projects underway in Robina.
Australian Property Journal
