Gold Coast’s Miami One Shopping Centre For Sale

6 May 2010, Gold Coast – Miami One Shopping Centre, anchored by a thriving Coles Supermarket and ideally situated on the Gold Coast Highway in Miami, is being offered for sale by Expressions of Interest on behalf of Ferrier Hodgson.

National Director of Colliers International’s Retail Agency, Stewart Gilchrist, and Director Commercial Agency, Leonie Smith are handling the sale.

Located on a prominent 7,829sq m site, just 150 metres from the beach, Miami One comprises a Coles Supermarket, supported by national specialty and chain franchise companies including Australia Post, ANZ Bank, Flight Centre, Chempro Chemist, Zarrafas café, Pizza Capers, Sushi Train and Contours gymnasium.

“With 70 per cent of the tenancies leased by these leading companies and franchisees and provision to add more to this mix, Miami One is an outstanding investment,” Mr Gilchrist said.

Miami One has an estimated fully-leased annual net income of approximately $1,768,000.

“The centre has recently experienced a significant boost, with a number of new quality tenants introduced to the mix and there is scope for further diversification, which will drive rental growth.”

The area of the Coles Supermarket was extended in 2007 from 2,105sq m to 2,248sq m and has a 13-year lease with two, 10-year options. 

Ms Smith said Coles has achieved an exceptional result trading at significantly above the average Australian supermarket turnover, per square metre.

“This is largely due to the lack of direct competition close to the site, with the nearest comparable offering more than three kilometres away,” she said.

Construction of the centre was completed in late 2005 and features an open-air piazza style shopping precinct, situated under 42 high-quality residential units, four commercial offices and two home offices, all of which have recently sold.

The centre has 205 lower-ground car parks, which are readily accessible via both Toombul Avenue and Nundah Avenue and are interconnected to the retail level via travellators and a lift.

Additionally, the successful purchaser may have the ability to utilize an area of approximately 867 square metres of unused space directly above the centre. 

“Whilst the area may require a re-application to the Gold Coast City Council it has the potential to add another dimension to the centre,” Ms Smith said.

Expressions of Interest are being accepted up until 4pm on Thursday, 10 June 2010.

In addition to the strong local resident population, Miami and surrounding suburbs are popular Gold Coast tourist destinations. There is a high provision of short stay accommodation options along the Gold Coast Highway and close to the beach, with approximately 4,900 bed spaces available per night to accommodate tourists. At full capacity, the population of the local area would increase by around 20 per cent.   As a tourism hub, there is an increasingly high demand for convenience, supermarket and food and beverage retail space within the local area.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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