An offshore investor, in its maiden Australian deal, is believed to be paying $265 million for the Homeworld Helensvale homemaker centre.
On a 20 hectare largely undeveloped site at 502 Hope Island Road, 15 kilometres north west of Surfers Paradise, the asset contains 36,000 square metres of lettable area, occupied by about 35 national retailers, and 900 car parks.
Developed in 2008 it was last refurbished and extended three years ago.
It holds further development upside – with vendor, the Les Ansley family, and MacroPlan, having pushed forward plans to add c20,000 sqm of commercial space and over 400 flats in towers up to 10 floors.
The buyer is being represented by Brisbane-based Shayher Group, linked to Taiwan residential developer Par Jar Group (story continues below).
Another Helensvale deal
The Homeworld Helensvale sale comes three months since IP_Generation paid QIC $185m for a half-stake in Westfield Helensvale, which contains 44,832 sqm, and is triple supermarket anchored.
Also with an 8.9ha development site – the ex-NightQuarter Market – that deal reflected a 6.25pc return.
Villawood is one of several major residential developers in the area, also a major Gold Coast growth corridor – it’s The Surrounds project delivering 1500 dwellings, again in buildings up to 10 storeys. Late last year, the Palaszczuk government outlaid $60.5m for a piece of that estate, for its Coomera Connector.
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