Greenpool, Qualitas acquire stake in Gold Coast mall
Greenpool Capital and Qualitas have snapped up a half-stake of Gold Coast’s Runaway Bay Centre.
The $128 million price reflects a fully leased 6.5 per cent yield.
The vendor, Perron Group, listed it off-market via CBRE’s Simon Rooney.
Vicinity Centres, which also manages the complex, holds the balance.
Runaway Bay is about 11 kilometres north of Surfers Paradise.
Runaway Bay Centre
Developed 47 years ago – and last refurbished in 1995 – Runaway Bay Centre spreads 12.47 hectares with 2160 car parks.
The gross lettable area is 42,692 square metres – tenanted to 94 groups.
Aldi, Big W, Coles, Target and Woolworths are the anchors.
The asset is also designed with a waterfront alfresco dining precinct.
“With record historical pricing being achieved for freestanding and neighbourhood centres, astute investors are shifting their focus to high quality sub regional assets,” Mr Rooney said.
“Joint venture opportunities with major institutional owners and managers are now also being actively pursued,” the agent added.
Recent examples include Link REIT negotiating to buy three Sydney CBD malls for a total of $600m.
In June, GIC and Nuveen sold two thirds of Myer Melbourne to Abacus Property Group and Charter Hall for a total of $270.4m.
Coincidentally, Vicinity is the co-owner of these four properties too (story continues below).
Latest regional Queensland deal
The part-sale of Runaway Bay Centre comes two days since we reported MPG Funds Management outlaid $13m for Sarina Village, near Mackay.
Close to there, Fawkner Property last month paid $162.5m for the Mount Pleasant Centre; that seller was Vicinity.
SCA Property Group has snapped up three regional Queensland retail investments this year – including Mt Isa Village (for $44.2m), Drayton Central, near Toowoomba ($34.34m) and Cooloola Cove, between Hervey Bay and Noosa Heads ($18.7m).
In August, MA Financial acquired a Bundaberg shopping centre it plans to rename Sugarland Plaza for $140m
That vendor, Stockland, purchased that asset in two equal shares between 2014 and 2016.
Also last quarter, Elanor Investors Group (ENN) sold Sentinel Moranbah Fair Shopping Centre for $28m – a price reflecting an 8.6pc return.
In May, Abacus paid $103.5m – book value – for the 60pc stake of Broadbeach’s The Oasis Centre which it didn’t control.
Not long earlier, Blackstone offloaded Toowoomba Central for $145m.
That deal, with ENN, was struck at a c9.1pc fully let yield.
“Investor interest in Queensland is being driven by strong retail expenditure and solid population growth in addition to robust and resilient asset performance, with Queensland’s retail sector having had a less impact from COVID lockdowns,” Mr Rooney said.
The Runaway Bay deal comes four months since Perron sold The Square Mirrabooka, north of Perth, to Fawkner Property for $195m.
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