PRIME PIECE OF BROADBEACH RETAIL HITS MARKET
INVESTORS are expected to run the rule over the fullyleased Aria retail complex in Broadbeach, which is on the market.
The 1472sq m retail holding comprises the entire ground floor retail complex of the Aria building, and features 14 restaurant and retail tenancies on two separate lots.
It is being marketed via an expressions of interest campaign by Savills’ Jon Tyson and Peter Tyson with Stewart Gilchrist and Darrell Irwin, of Colliers International.
Jon Tyson said the property has hit the market for the first time in 15 years, and should be well received in the marketplace.
“Aria Retail is one of the Gold Coast’s first major retail property offerings for 2018, and given its high profile location and diverse tenant line up, it is expected to draw strong interest from both local and interstate investors,” he said.
Mr Gilchrist said Aria offers a rare opportunity to acquire an entire retail complex in the tightly-held Broadbeach CBD.
“Broadbeach is undergoing a renaissance following the completion of the light rail network, the $670 million upgrade to Pacific Fair, rejuvenation of the Oasis Shopping Centre, and the redevelopment of The Star Casino including the new luxury hotel,” he said.
“The expanded Gold Coast Convention and Exhibition Centre also enjoys year-round bookings, ensuring high occupancy rates in the precinct,” Mr Gilchrist said.
The retail complex, which returns net income of $1.09 million to the owner, has parking for 42 vehicles.
Tenants include restaurants La Roma and On Fire, The Gelato Shop, and Arigatou Teppanyaki.
Viclee Nominees and V.J.B Pty Ltd, linked to Melbourne investors James and Bradley Davis, outlaid a total of $13.38 million between 2003-04 for the two lots that make up the Aria retail area.
The expressions of interest campaign closes on April 12.