This article is from the Australian Property Journal archive
GOLD Coast neighbourhood shopping centre Miami One has been put up for sale, as Queensland’s retail market continues its active streak.
The 4,669 sqm single-level, convenience-based centre is on a 7,829 sqm site on the Gold Coast Highway, around 150 metres from North Burleigh Breach, part of a mixed-use development comprising four buildings.
It is anchored by a 2,248 sqm Coles Supermarket on an 18-year lease with four 10-year options, and has 28 specialties, as well as two ATMs, four food offerings and six kiosks.
JLL’s Sam Hatcher and Jacob Swan, together with Colliers’ Stuart Gilchrest are marketing the centre via expressions of interest campaign.
“We expect strong interest from investors, syndicators and fund management groups who were still actively seeking to invest in neighbourhood shopping centres, with competition for quality centres remaining strong,” Swan said.
The Coles Supermarket is currently trading at an exceptional $17,000 per sqm with low threat of new competition due to high barriers of entry in the main trade area.
The Gold Coast saw significant investment in infrastructure projects ahead of hosting the Commonwealth Games in April, including the $300 million airport redevelopment, the development of the Health and Knowledge Precinct and the Jupiter’s Casino redevelopment.
Further south, the Coolangatta beachfront retail centre The Strand is currently on the market. The 32,843 sqm centre underwent a $60 million redevelopment in 2015 and is anchored by Woolworths, Aldi, BCC Cinemas, Timezone Coolangarra Hotel and Boardriders and brings in around $12.2 million per annum fully leased, with a weighted average lease expiry of 7.7 years.
Vicinity Centres has just sold off its Goldfields Plazain Queensland for $27.5 million to Lascorp Development Group. The Coles-anchored neighbourhood shopping centre has a Target Country outlet and 20 specialties.
Retail property transactions in Queensland hit $2.5 billion through 2017, according to Savills, adding another year of consecutive growth in the state’s market. That figure was underpinned by AMP Capital’s $800 million-plus acquisition of a 50% interest in Brisbane’s Indooroopilly shopping centre, Australia’s largest single-asset retail deal in 2017.
Earlier this year, Sydney-based investor Mintus paid $30.45 million for the St Ives neighbourhood shopping centre and adjoining property in East Ipswich, while Melbourne-based investor James Zhang acquired the Marketplace Deagon shopping centre in Brisbane’s north for $23.3 million, on a 6.95% yield, in February.
Those followed the $49.5 million sale of Benowa Village on the Gold Coast to a private investor at a record yield for a neighbourhood shopping centre in the state of 5.08%.
Australian Property Journal
