SHOPS ASSET IS A LITTLE PIECE OF HOLLYWOOD
Centre near Movie World is up for grabs as famous hotelier Shoobridge opts to bail out of his investment
HOTELIER Steven Shoobridge is selling his Hollywood Plaza neighbourhood shopping centre opposite Movie World at Helensvale.
The move to sell the centre, at 34-38 Siganto Drive, comes a year after the 43-year-old Mr Shoobridge sold the adjoining Saltwater Creek Hotel for $10 million.
The Hollywood Plaza is being sold by private treaty and with a 40 per cent vacancy level – an IGA supermarket that was major tenant vacated more than a year ago.
Stephen Kidd, of Ray White Commercial (Qld), yesterday said the 447sq m of vacant space offered an investor a chance to add value to the property.
The centre is projected to net $356,667 a year when fully let.
“The quality and depth of surrounding food and liquor tenants implies this to be a strong fast-food precinct,” said Mr Kidd, who is marketing the centre with colleague Elliott Kidd.
“Breaking up the larger supermarket space into smaller food tenancies would be a possible tenancy solution for a new owner.
“The vendor has wasted 12 months in negotiations with a medical tenant, another solution for the space, but he has had enough and decided to sell.”
Mr Kidd said any buyer of the plaza would be offered a rental guarantee on the vacant space.
Existing tenants include four food outlets, a real estate office, and accountancy business, and two health and beauty businesses.
The Hollywood Plaza, which is on a 3485sq m site, was developed by the then-listed AHC group and sold for $3.7 million in 2006.
AHC also developed the Saltwater Creek Hotel, which was sold for $4.2 million in 2010.
Mr Shoobridge sold the hotel in late 2018 to Paul Xu company Queensland Hotel Investments.
The tavern, like the Hollywood Plaza, was held through company Fanbang.
The Tully-born Mr Shoobridge, a Harvard Business School graduate, heads the Star Hotels Group, which has 22 hotels and 53 bottle shops.
In 2018 he bought, for $10.138 million, a nine-bedroom riverfront Brisbane home built for the late Christopher Skase in 1988 at a reported cost of $35 million.