Amart founder sells triple supermarket anchored mall
Charter Hall has bought another triple supermarket anchored mall, this time on the Gold Coast.
Southport Park Shopping Centre was offered by Amart Furniture founder, John Van Lieshout.
Via JVL Investments, the billionaire paid Centro $68 million in 2018.
With 19,900 square metres, then known as Centro Southport, it was recently refurbished.
Charter Hall, on behalf of the Convenience Retail Fund (DCRF), is paying $152.5m.
JLL’s Jacob Swan and Ned McKendry were the agents.
The deal comes four months since we reported Mr Van Lieshout sold an AEC-backed office in suburban Brisbane to Banjo Bond’s Cosgrove Group.
Low site coverage: Charter Hall
Southport Park covers 6.5 hectares also with over 900 car parks, in a growth corridor, five kilometres north of Surfers Paradise.
Zoned Mixed Use, the property holds significant development upside, as the airspace of more retail complexes like this makes way for residential, offices and hotels.
“Southport Park is one of only 10 triple anchored supermarket anchored neighbourhood shopping centres in Australia with Coles, Woolworths and Aldi, along with three mini-majors, 40 specialties and a…‘village centre’ with 17 office and retail tenancies,” the buyer said in a statement.
Retail makes up c17,000 sqm of the lettable area.
The deal comes two months since we reported Charter Hall was buying another triple supermarket anchored shopping centre, Burwood One, in Melbourne’s Burwood East.
Not long earlier it agreed to buy that city’s Waverley Gardens, also triple supermarket anchored, from Elanor Investors Group and Heitman.
In September, the asset manager acquired Chullora Marketplace for $145m.
That property was offered by Henroth Investments, controlled by Sydney developers Stanley and John Roth, who held 35 years.
“Southport Park is a high quality asset in the heart of the growing Gold Coast,” Charter Hall Retail chief executive officer, Ben Ellis, said.
“The convenience retail centre benefits from its triple supermarket anchors and offers future value add opportunities given low site coverage,” according to the executive.
“With strong major trader performance and attractive net lease structures, it’s expected to deliver attractive returns,” he added.
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