Treasure for sale
THE owner of two adjacent shopping centres in Biggera Waters has decided to cut ties with the assets and sell up — offering a massive 21,000sq m holding to prospective buyers.
Singapore-based Eric Tan is selling the Treasure Cove Super Centre and Harbourside Markets, which he acquired for $10.3 million and $7.25 million in 2013 and 2016 respectively. CBRE’s Steve Clark, who is marketing the properties with colleague Kyle Youngson, said Mr Tan is pursuing other opportunities overseas.
“He is now based offshore and spending less time in Australia which is a catalyst for putting them to market now,” he said.
Both properties occupy a combined site of 21,881sq m, with Treasure Cove offering a net lettable area of 4543sq m and Harbourside Markets a gross floor area of 1968sq m.
Fully-leased Treasure Cove, which counts BCF, Ideal Electrical, Kresta Blinds, and Sushi Train as tenants, returns a net income of $1.063 million to the owner.
“This is a blue-chip site, surrounded by new residential development at both Harbour Quays and Waterpoint Residences,” Mr Clark said.
“There is also potential upside through adding an electronic billboard.”
Harbourside Markets is largely empty.
It was launched in 2012 to provide northern Gold Coast residents with an alternative to central-city gourmet food precincts such as Ferry Rd Market, in Southport, and Capri on Via Roma, in Surfers Paradise. However the centre struggled to attract customers and a number of stores closed. Mr Youngson said the markets represent an opportunity for a buyer to “reposition” the centre.
“The building comes complete with an existing fit-out and could be used as a food and beverage destination or redeveloped under the mixed-use zoning,” he said.
Treasure Cove has 149 carparks and Harbourside Markets 98. An expressions-of-interest campaign closes on June 14.