Stonebridge is pleased to announce the sale of the Brickworks Centre, Gold Coast for $137.5 million to the AMP Capital’s unlisted Wholesale Australian Property Fund.
The Brickworks Centre is located in the Gold Coast’s central business district of Southport, approximately 3km northwest of Surfers Paradise.
The Centre is a progressive shopping, dining and lifestyle destination which incorporates the iconic Ferry Road Markets. Key tenants include Freedom Australia, TK Maxx, King Furniture and Chemist Warehouse. The centre’s offer is bolstered by a range of complementary retail services including beauticians, hairdressers, a dry cleaner, a medical centre, dentist and a gym. In all, there are over 50 tenants.
Stonebridge Director, Jonathan Fox said “Southport is a transforming location, with an exceptional population growth outlook that is expected to be driven by increasing density and accelerated infrastructure investment in preparation for the 2018 Commonwealth Games. The Brickworks Centre is a unique centre that has adapted to the changing consumer environment and is perfectly positioned to leverage of Southport’s growth”.
The transaction was negotiated off-market by Stonebridge and follows the off-market sale of Marketown Newcastle by Stonebridge for $163.25 million in July 2017.