Acure Asset Management has purchased its third Queensland property.
Also its first office in the state, the Emerald Lakes Town Centre at 3027 The Boulevard, Carrara, 6.5 kilometres west of Surfers Paradise, is setting the group back $21.5 million, reflecting a 9.1 per cent fully leased return.
Based on the actual income – $1.642m – the passing yield is 7.64pc.
Pointcorp was the vendor; it acquired the five level commercial and retail building – along with two development sites at nearby Nerang – in 2018 when it took over Nifsan Development assets.
At the time, Emerald Lakes Town Centre’s vacancy rate was 60pc.
Perth based Acure holds a c$500m portfolio including over a dozen assets – shopping centres, service stations, offices and industrial amongst them.
In Queensland it owns a retail and warehouse investment.
“Our company continued to monitor the quarter-on-quarter uptake in office vacancy across the Gold Coast in 2021 and viewed the Emerald Lakes Town Centre as a strong asset for our portfolio with excellent value-add opportunities,” Acure managing director, Angelo Del Borello, said.
Emerald Lakes Town Centre
With 4829 sqm of lettable area – four storeys over ground floor retail – Emerald Lakes Town Centre is tenanted to 15 groups, amongst them, Cardno, MWM Advisory, Oliver Hume and the Uniting Church.
Portcorp recently modernised the building and managed a leasing campaign.
There are also 156 car parks.
The asset is at the centre of the Emerald Lakes housing estate, off both Birmingham and Nerang-Broadbeach roads (story continues below).
Goodrock Property’s Andrew Rockley and Clare Purdy were the transaction managers – appointing CBRE’s Mark Witheriff, John Nucifora and Daniel Doran the sales agents.
“The campaign generated wide ranging interest nationally, reflecting the market appetite for Gold Coast real estate,’ Mr Witheriff said.
“While there have been some economic headwinds of late, we continue to see interstate capital flow to the Gold Coast as the market fundamentals remain strong,” he added.
“We have contracting office vacancy, strong retail growth and surging interstate migration,’ according to the executive.
Following the Carrara deal, Pointcorp will turn its attention to a $108m master planned mixed use project, Riverina Gold Coast, on the former The Villa private golf course, which it purchased in 2018.
That development is earmarked for c181 blocks – between 310-510 sqm – across 16.96 hectares.
The average lot was asking $600,000 when launched last April.
Riverina on the Gold Coast will contain a deep water marina, 2.98ha central lake and residents-only club, a Pointcorp spokesperson said.
Elsewhere in Carrara, City of Gold Coast last January outlaid $20.95m for two adjoining sites, all up covering 5.1ha, on which it plans a water and sewerage plant.
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