EASY ROBINA MONEY
After many expressions of interest from Australia and abroad, Robina’s Easy T Centre eventually sells for $35.8 million to local aware of the asset’s potential
A GOLD Coast retail investor has snapped up Robina’s Easy T Centre for close to $36 million.
The $35.8 million sale represents a premium for owner Clarence Property, which picked up the centre, and neighbouring medical precinct for $31.6 million in 2006.
The Easy T Shopping Centre and Easy T Medical Centre, situated on a 2.04ha site on Scottsdale Drive, and with a combined net income from tenants of $2.576 million, features a 5015sq m shopping centre anchored by Spano’s IGA and a 865sq m medical centre. Spano’s IGA signed a 15-year lease in 2016 for a 1000sq m space formerly occupied by Aldi.
The Easy T Centre was developed by Robina Land Corporation in association with Robina Projects Australia and was purchased by Clarence Property for its Westlawn Property Trust.
The latest deal was negotiated by Mark Witheriff and James Branch of Knight Frank and Michael Hedger and Joe Tynan of CBRE.
Mr Witheriff said the Gold Coast investor was attracted to Easy T due to its long WALE, national tenants, and position near new residential development on the drawing board.
“The expressions of interest campaign, which closed in late March, attracted more than 100 inquiries from investors across the eastern seaboard of Australia as well as Singapore, Hong Kong and Malaysia,” he said.
“Multiple offers were received and ultimately a local investor, who had an in-depth understanding of the Gold Coast, and the asset’s potential, closed the deal.”
Mr Tynan said demand for quality neighbourhood retail centres was lifting, with Clarence Property acquiring The Zone Shopping Centre at Underwood in recent weeks for $31.25 million.
“Neighbourhood convenience centres – particularly those positioned in high growth areas – are being taken to market and snapped up quickly,” he said.
“Easy T Centre’s main trade area is expected to grow by about 13,000 people by 2031, and there’s potential for the purchaser to make a development application for residential apartments within the Easy T site.”
Clarence Property managing director Peter Fahey said the centre had been a blue-chip asset for the company’s unlisted Westlawn Property Trust for a decade. “We decided it was the right time to divest the asset to allow WPT to expand its portfolio in the Brisbane-Logan corridor, which is the reason we recently acquired The Zone,” he said.