Stonebridge Property Group has been exclusively appointed to sell The Strand at Coolangatta, a truly iconic retail asset located with prime frontage to the world famous Coolangatta Beach and 3 kilometres from Gold Coast International Airport.
The Strand is a unique food, entertainment and lifestyle centre which underwent a $60 million redevelopment in 2015. The Centre is anchored by Woolworths, Aldi, BCC Cinemas, Timezone, Coolangatta Hotel and Boardriders and extends to over 32,843 sqm of lettable area. The estimated fully leased net income is approximately $12.2 million per annum and the Centre offers an attractive weighted average lease expiry of 7.7 years (by area).
Originally purchased in 2000 by Vinta Group and located in the heart of Coolangatta the asset has undergone a major transformation and has been the catalyst for the evolution of Coolangatta into a world renowned surfing and tourist destination.
Stonebridge Director Carl Molony said:
“The Gold Coast is a highly sought after investment destination due to the significant investment in transport infrastructure and tourism assets. The $5 billion Gold Coast Light Rail, $1.5 billion Commonwealth Games and $300 million airport upgrade have solidified the Gold Coast’s position as an emerging World City”
“Coolangatta Beach is an iconic tourist destination and is again set for the world stage with the 2018 Commonwealth Games Beach Volleyball and the World Surf League’s Quicksilver Pro Gold Coast scheduled for March and April 2018”
“Retail in general is moving towards lifestyle assets that offer a diverse mix of food and entertainment. The Strand strikes an excellent balance of convenience retail with key destination tenants that extend its appeal”.
Stonebridge Director Philip Gartland said:
“The long 7.7 year WALE, low average major tenant rentals, diverse tenancy profile and exposure to tourism growth are expected to appeal to a diverse buyer pool”
“The Strand at Coolangatta has a huge customer draw due to its unique tenancy mix and position at the heart of a tourist destination. The Centre serves a Total Trade Area of 679,190 people and is well positioned to draw trade from the rapidly growing domestic and international tourism industries”
The Centre offers the astute purchaser the opportunity to continue the evolution of the retail offer and capitalise on the strongly growing main trade area.
The international expressions of interest campaign is being run by Stonebridge Directors, Carl Molony +61 439 032 028 and Philip Gartland +61 0403 582 324 and closes on 12th April 2018.