Ormed sells town centre after adding Aldi
Ormed Investments has sold a Gold Coast town centre after more than two decades and an overhaul that included adding an Aldi.
The Ormeau Town Centre at 29 Peachey Road collected $20.725 million from a local family office.
The result reflects a 6.01 per cent net yield.
Ahead of the sale, Aldi was added as the anchor tenant under a new 10-year lease, with options extending to 2050.
The leasing program also secured three new long-term tenants across previously vacant space in the eight months before the sale campaign.
Management changes during the period included new financial reporting, operations and compliance processes, as well as work on arrears, facilities management and tenant engagement.
Ormeau Town Centre
On 5170 square metres at the north-east corner of Vaughan Drive, neighbouring a Woolworths, Chemist Warehouse. Ampol and two childcare centres, Ormeau Town Centre contains 58 at-grade car parks (continues below).
There is 3028 sqm of lettable area including 14 specialty tenancies.
Australia Post, BWS, Domino’s, and Snap Fitness are other high-profile occupiers.
Aldi opened last year, in 1541 sqm.
The centre carries an 8.12-year weighted average lease expiry.
CBRE’s Adam Thomas and Mikaela O’Farrell, and Glenn Conridge of Commercial East Coast Investments, were the agents.
Ormeau is 35 kilometres north of Surfers Paradise.
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