EG has sold Gold Coast’s Circle on Cavill shopping centre to Macau businessman and casino mogul, Loi Keong Kuong, for $61.8 million.
The off-market deal for the 12,364 square metre arcade on the lower levels of Sunland’s two-tower Circle on Cavill apartment development, was first mooted 12 months ago.
EG fund manager Daniel Farley said he was “very pleased” with the settlement – evidence that high quality real estate is still transacting “in light of this cautionary environment”.
The vendor picked up the shopping centre for $40 million in 2011 before undertaking a $13 million renovation, configuring it with spaces for convenience retail, dining, entertainment and health.
Circle on Cavill was then re-let with a focus on getting a tenancy mix to make it a day/night destination.
Woolworths is the anchor tenant.
In 2018 the retail complex was offered for public sale with a price guide of between $75-$80 million.
Cavill Avenue is considered the centre of Surfers Paradise – one of Australia’s busiest tourism destinations.
“The completion of the G:Link light rail system and Cavill Avenue Station serves the heart of Circle on Cavill,” Mr Farley said.
“Several bus routes and more than 500 underground car parking spots are easily accessible along the neighbouring Gold Coast Highway making the precinct highly accessible” the executive added.