Coolangatta shops could fetch $200m
BEACHFRONT shopping centre The Strand at Coolangatta is for sale, with market sources saying the site could be worth up to $200 million in what is shaping as one of Australia’s biggest commercial property deals of the year.
The retail hub, with tenants including Woolworths, Aldi, Timezone and the Coolangatta Hotel, sits on prime land with 200m frontage on Marine Parade, overlooking the stunning sands of Greenmount Beach.
It also has frontage on Cooly’s main Griffith St and could net the new owners $12.2 million a year when fully leased.
Current owners Vita Group, who have owned the property since 2000, poured $60 million into refurbishing it in 2015.
Other tenants include Birch, Carroll and Coyle Cinemas, Amcal Chempro Chemist, a medical centre, waterfront dining precinct and 300-seat food court, plus a selection of specialty stores.
Just 3km from Gold Coast Airport, the centre boasts a reported annual shopper spend of $1.4 billion with a main trade area of 138,970 people with estimated growth of 1.5 per cent a year.
Many of the centre’s tenants are on long leases, with the weighted average lease expiry (WALE) currently at 7.7 years. The Strand at Coolangatta has almost 33,000 sqm of lettable area and 679 on-site car parking spaces.
The listing follows the sale of several major shopping centres on the Gold Coast including Hope Island Central, which sold for $42.8 million last month, while the nearnew Benowa Village sold for $49.5 million in December.
Sydney’s Stonebridge Property Group has been appointed to sell The Strand, with agents Philip Gartland and Carl Molony tasked with overseeing the international expressions of interest campaign.
Expressions of interest in the centre close on April 12.