AN AMP Capital-run fund which has made the Gold Coast’s biggest retail buy of 2017, the $137.54 million purchase of Southport’s The Brickworks center, is not about to embark on a redevelopment spree.
Christopher Davitt, who is overseeing what is the home of the Ferry Rd Market for the new owner the unlisted Wholesale Australian Property Fund, yesterday said that growth at the property would be ‘organically based’.
He said that growth would center around The Brickworks’ features of progressive shopping, dining and lifestyle offerings and its strong and growing catchment area.
“There are no plans to fundamentally the center.”
Mr. Davitt said an attraction point with The Brickworks was the number, mix, and quality of tenants.
Major traders at the Brickworks include Freedom Furniture, US-owned off-price retail chain TK Maxx, and Chemist Warehouse.
The 15,183 sqm single-level retail area includes around 50 other retail, dining, and food-related outlets.
It nets nearly $7 million a year when fully let and the Wholesale Australian Property Fund has bought it, off-market, on a yield of 5.09 percent.
The deal is a big win for Brisbane-based sellers Calile Malouf Investments and company Ralph Lauren, which is owned by Patrick George and John James and is not associated with the fashion brand of the same name.
They bought The Brickworks, which is on 2.72ha site, for $24.26 million in 2004 and two years later initiated an $8 million makeover that included delivering the Ferry Rd Market.
At the same time, the partners bought three adjoining properties for nearly $4 million, expanding their holding to 3.5ha with a mixed-use zoning.
John Muchall, valuation director for JLL, yesterday said that the Wholesale Australian Property Fund had bought into an area, Southport, with a net annual population growth of 2.4 percent, well above the national average.
“The fund’s looking at strong l rental growth, with most tenants having annual increases of between 4 and 5 percent.”
The Brickworks was initiated by veteran New Zealand property investor James Kirkpatrick in the mid- 1980s.
An annex that includes a series of strata-title showrooms was added on the western side of the adjoining Warehouse Rd in the 1990s.
Originally Published: www.goldcoastbulletin.com.au
Meriton Ocean Tower an Icon for the Next Era
Rising 252 metres, Ocean will offer residents unobstructed, never-to-be built out views across the sea and beyond.
Ocean is set to be a beachfront landmark, bringing to life a new era in modern living, one where lifestyle, convenience and luxury meet.
On the doorstep of the Cypress Avenue light-rail station and just 20 minutes from Coolangatta Airport, Ocean will combine a vibrant lifestyle with modern amenities and easy connectivity, ensuring future residents will experience a quality of apartment living never before seen on the Gold Coast.
The 74-floor glass tower designed in collaboration with award-winning architects SJB will feature 262 bespoke apartments and 446 luxury 5-star hotel suites.
“We will be selling the high life, literally” Meriton founder and managing director Harry Triguboff said.
The veteran developer recently announced apartment buyers would have the opportunity to buy from level 45 up to level 74.
The lower floors would be devoted to hotel suites trading under Triguboff’s Meriton Suites brand.
Ocean, which fronts premier beachfront street The Esplanade, will create a bold first impression from the moment residents and guests step into the expansive lobby with its soaring 4.5 metre ceilings.
Residents will pass through this space to their own private reception area, absorbing the opulent atmosphere as they go, and enter a high-speed smart lift, ensuring a quick return to their apartments.
The Ocean apartments will range from two-bedroom layouts with floor areas of up to 91sq m through to three-bedroom designs averaging 120sq m.
Ocean will also feature a rare collection of five top-floor penthouses that will have floor areas of up to 203 square metres.
The hero of the home is undoubtedly the contemporary kitchen in each Ocean apartment. The sleek and luxurious design make it as functional as it is beautiful, with every detail considered.
Features include premium SMEG stainless-steel appliances including concealed undermount rangehood, gas cooktop, oven, microwave, and a fully integrated dishwasher, Caesarstone benchtop and mirror splashback, contemporary pendant lights above all island benches add an extra element of sophistication.
The tower will have three levels of basement and will sit on a five-level podium with extensive lifestyle facilities exclusive to Ocean residents and their guests complementing this stunning area.
A beach club on level five is serviced by a bar and features lush landscaping, while level 33 features a 22-metre indoor pool with unobstructed ocean views, gymnasium, sauna and community rooms.
Triguboff said Ocean, on which construction started in May on the 3833sq m site, would be one of his most iconic projects.
“It will be my 19th tower on the Gold Coast and by far my most ambitious – you’re never too old to have ambition.
“In my judgment it’s going to be an absolute winner.
“There’s nothing like it on the Surfers Paradise beachfront – it’s got everything and every apartment will have unobstructed ocean or district views.
“I’d equate Ocean to a city within a city, with its own leisure facilities, beach club, supermarket, shops, restaurants, and a childcare centre.”
Triguboff said he expected Ocean to have the Surfers Paradise beachfront market virtually to itself.
“The banks have made it impossible for Australian developers to contemplate a beachfront project of any scale.
“In fact, we expect Chinese buyers to head the Ocean way and take a third of our apartments.”
No price has been put on the Ocean high life – prices are to be released ahead of the project’s launch next month.
Scentre Group launches 21st century shopping centre
Scentre Group has cut the ribbon on the $470 million development at Coomera in Queensland, the property giant’s first greenfield shopping centre project since being spun out of Westfield.
In a break with tradition the centre at the northern end of the Gold Coast will also open without having a department store as the anchor.
It has been 12 years since Westfield opened its North Lakes mall, which was before the creation of Scentre Group. The next big project for the landlord will be the shopping centre at Barangaroo Central in Sydney.
Using the town centre model, in an attempt to increase dwell time for visitors, the 59,000 square metre site will offer up to 40 per cent of space devoted to entertainment and leisure with and Event Cinemas with Gold Class.The major tenant brands will include H&M and Mecca Cosmetica and also a Universal movie store as well 40 specialty retail stores, including Coles, Woolworths, Kmart, Target, JB Hi-Fi, Rebel.
One of the key aspects of the new shopping centre is The Backyard, which is an area that offers a play area for children to hold birthday parties, a gym zone, BBQ areas and water features.
Westfield Coomera sits opposite the Dreamworld theme park and the nearby Movie World, to capture the tourist dollars.
Scentre’s chief executive Peter Allen said the group used the ”blank canvas” of a greenfield project to create a shopping centre of the future.
Scentre Group has opened its new $470 million Coomera shopping centre, Gold Coast, Queensland
”Coomera centre is the first mall we have created from the ground up and using data collected we can curate it for the area, which is a growth corridor” Mr Allen said.
Mr Allen said the research undertaken by Scentre has shown that customers want more leisure and entertainment with specific specialty areas, such as a holey moley golf putt putt bar and restaurant.
”We will have key retailers that offer the same individual products that are offered in a traditional department store,” he said.
Mr Allen said the ongoing parliamentary inquiry into the franchise industry had had no direct impact on the Scentre Group.
He said, as a landlord, Scentre always encouraged strong and healthy relationships between franchisors and franchisees.
Circle On Cavill Mall Hits the Block with $80 Million Price Tag
Sydney-based funds manager EG has listed the Circle on Cavill retail centre in the heart of one of Australia’s busiest tourism destinations, Surfers Paradise.
Like many retail landlords, EG recently shifted the centre’s focus to dining, convenience retailing and customer experience.
The 12,364sq m centre underwent $13 million in capital works, including the installation of a community space, upgrades to tenant fit-outs, a children’s playground, landscaping and a giant television screen.
EG acquired the shopping centre, which sits at the base of Sunland’s twin tower Circle on Cavill development, for $40 million in 2011.
Anchored by Woolworths under a long-term lease, EG’s repositioning of the centre as more entertainment-focused has increased the visitations post-upgrade, EG divisional director Daniel Farley said.
“The physical works have greatly transformed the shopping experience to a day and night destination with diverse food and entertainment options.”
McVay Real Estate agent Sam McVay is marketing the property alongside JLL’s Jacob Swan and Sam Hatcher.
“The Gold Coast market continues to go from strength to strength, with the success of the 2018 Gold Coast Commonwealth Games providing the region with even greater global visibility,” McVay said.
“The growth in offshore demand for the Surfers Paradise CBD market continues unabated.”
EG Funds is developing a major twin-tower, mixed-use project nearby on Orchid Avenue and Surfers Paradise Boulevard.
Billed as an “entertainment hub for south-east Asia”, the recently approved twin-tower skyscrapers will reach 56-storeys and 72-storeys above the Surfers Paradise entertainment district.
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