Easy T see potential
Busy centre at Robina has lot to offer buyers
CLARENCE Property is divesting the Easy T Shopping Centre at Robina as the Ballina-based company prepares to expand its presence in the Brisbane market.
The Easy T Shopping Centre and Easy T Medical Centre, at 30-42 Scottsdale Drive, was purchased by Clarence for its Westlawn Property Trust (WPT) for $38.1 million in 2006.
It was developed by Robina Land Corporation in association with Robina Projects Australia.
The precinct, situated on a 2.04ha site and with a combined net income from tenants of $2.576 million, features a 5015sq m shopping centre anchored by Spano’s IGA and a 865sq m medical centre.
Knight Frank’s Mark Witheriff, who is marketing the centre with colleague James Branch and CBRE’s Michael Hedger and Joe Tynan, said the complex was well positioned to capitalise on the growth promised by new development planned for adjacent sites.
“Listed aged-care group Japara Healthcare recently bought a site adjoining Easy T Centre, and will construct a 106-bed aged-care facility.
“Another adjoining site is on the market with approval for 88 two-bedroom apartments,” Mr Witheriff said.
Clarence Property managing director Peter Fahey said the property was being divested to allow WPT to expand its portfolio in the Brisbane industrial and commercial market.
“We have just opened our eighth capital-raising for WPT, seeking to raise $20 million,” Mr Fahey said.
“Last year, WPT delivered an 18.6 per cent return to investors and has delivered an average annual return of 12.1 per cent in the past three years..”
The Easy T Centre is being marketed in an expressions-of-interest campaign that closes on March 22.