Plaza back on market
HOTELIER Steven Shoobridge is making a fresh push to sell Hollywood Plaza after fully leasing the neighbourhood shopping centre opposite Movie World at Helensvale.
Mr Shoobridge listed the 34-38 Siganto Dve property in January last year when the asset was 40 per cent vacant, but failed to find a buyer.
In March he turned to Colliers International’s Ryan Chandler to launch a new leasing campaign.
Mr Chandler said he was able to negotiate new leases including Katchaa Charcoal Chicken, which took on a five-year term for 67sqm, and Reinvigr8 Health and Fitness, which has leased 447sq m for seven years.
In the wake of those deals Mr Shoobridge, who acquired the 3485sqm property for $3.7m in 2006, has decided to list the plaza for sale again, this time through Mr Chandler and Colliers Gold Coast director-incharge Steven King.
An auction has been scheduled for March 4.
“It had quite a lot of vacancy in the centre and basically we put a game plan together where … within nine months we have been able to turn it around,” Mr Chandler said.
“The owner upgraded and refurbished the centre so it is now presenting as strong and desirable as it has ever been.”
The property contains five fastfood restaurants, four speciality shops and one gymnasium with a total net lettable area of 1128sq m.
It generates $323,046 in annual net rental income.
Mr Chandler said neighbourhood shopping centres were in strong demand.
“Especially anything that is demonstrating a defensive and resilient nature in terms of the tenancy mix,” he said.
“This centre was still trading well and we were doing quite a few leases through the height of COVID. It is well supported by locals.”
Long-term tenants at the centre include Marie’s Pizza, which signed on for a further five years in April 2020, and Ray White, which extended its lease by three years in November.
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 paid $10.1m for a ninebedroom riverfront Brisbane home built for the late Christopher Skase in 1988 at a reported cost of $35m.