Stonebridge’s Philip Gartland and Carl Molony, alongside McVay Real Estate’s Sam McVay and Dan McVay, have been exclusively appointed on behalf of Mulpha to market for sale the Gold Coast’s trophy lifestyle investment, Capri on Via Roma, Gold Coast, via an Expression of Interest Campaign closing Thursday 21 March 2024 at 4pm.
Capri on via Roma occupies a high exposure and gateway location on the footsteps of Surfers Paradise, the Gold Coast's primary residential and commercial hot spot and one of Australia's most renowned tourist destinations. The Centre occupies a significant 11,283 sqm land holding, with opportunity for an incoming purchaser to acquire 2,888 sqm of surplus land adjacent to the Centre, zoned medium density residential with concept schemes for 11 townhouses, subject to Council approval.
Capri on Via Roma is a premier neighbourhood and lifestyle centre with a lettable area of 6,780 sqm expanding over three modern buildings. The Centre is anchored by the Gold Coast’s only Harris Farm Markets, complemented by 1 mini-major, Social Remedy, 24 specialty stores including a vibrant artisan market hall, day and night dining, boutique retailers, 5 kiosks and 18 professional suites and centre occupancy rate is at 99% by area. The Centre boasts convenient at-grade and basement car parking for 256 vehicles plus an additional 81 spaces on the surplus land.
Capri on Via Roma features a secure income profile with growth potential including a 5.4 year Weighted Average Lease Expiry by area and an outstanding 95% of the base rent is growing with a weighted average annual rent review of 3.3%.
Carl Molony from Stonebridge commented on the asset’s defensive and growing income stream stating:
“Approximately 83% of specialties were leased prior to Harris Farm commencing trade in June 2021, paving the way for significant rent growth upon lease renewals.”
Harris Farm Markets is an Australian privately owned specialty grocery store with over 30 stores predominantly in New South Wales. Following the opening of 2 stores in Brisbane, Capri on Via Roma became the third Queensland store to accommodate the burgeoning Gold Coast market.
Capri on Via Roma caters to a main trade area eight times the size of an average trade area population of a single supermarket based shopping centre, representative of the immense trading volumes of Harris Farm and the Centre’s unique tenancy mix2. The Centre benefits from a large and growing catchment with over 364,000 people residing within a 20 minute drive, expected to increase to 471,659 by 2041, at a growth rate of 1.4% per annum2.
South East Queensland is rapidly becoming a key domestic and offshore investment focus with a strong economic growth trajectory. The 2032 Brisbane Olympic and Paralympic Games has resulted in a significant infrastructure pipeline, with the Gold Coast benefitting from planned major infrastructure projects including the Gold Coast Light Rail extension, the M1 Pacific Highway expansion and the Faster Rail Project between Gold Coast and Brisbane. Additionally, the Isle of Capri bridge, located less than 200m from the Centre was upgraded in 2022, with major benefits for Capri on Via Roma by maximising exposure and accessibility, with capacity for approximately 25,000 daily passing cars4.
Philip Gartland of Stonebridge emphasised the broad appeal of the asset, noting:
“The Gold Coast has benefitted from significant domestic migration in recent years that has driven substantial population growth, evident through the strong population growth as forecast by Location IQ. Coupled with an affluent catchment with average per capita incomes 11% above the Gold Coast Local Government Area average, the Centre is poised for sustained growth2.”
Sam McVay of McVay Real Estate highlighted the Centre’s transformation, stating:
“The introduction of Harris Farm to Capri on Via Roma in mid-2021 has been game changing for the asset. The centre's unique tenancy mix combined with the affluent catchment has translated to centre productivity over $16,400/sqm and this is growing rapidly.”
Dan McVay of McVay Real Estate noted:
“In my 40 year involvement with the Gold Coast market I've never seen a better time to invest here and this exciting lifestyle retail opportunity has outstanding dynamics and growth prospects.”
For further information, please contact the exclusive selling agents:
Philip Gartland | +61 403 582 324
Carl Molony | +61 439 032 028.
Sam McVay | +61 402 613 603
About Stonebridge
Stonebridge Property Group is a tier one commercial real estate agency specialising in the sale, leasing and management of retail property and mixed-use development sites. Operating across Australia and New Zealand across all price points, Stonebridge has completed over $5 billion in transactions.
For further information, please contact Stonebridge on +61 2 9254 9900 or visit www.stonebridge.com.au
(1) Dec-19 to Dec-23 Centre Moving Annual Turnover
(2) Location IQ Report January 2024
(3) As at 1 April 2024
(4) City of Gold Coast, Light Rail Corridor 2022 Status Report, Isle of Capri Bridge Case Study
All figures incorporated are an estimate only.
