QIC lists half-stake of Gold Coast shopping centre

QIC sold Home+Life Robina to Primewest for $66m in March.

QIC has listed its half stake in Gold Coast’s Helensvale Town Centre.

The government owned investment company – which turns 30 next month – is expected to bank c$200m.

The Helensvale offering includes undeveloped land.

The manager holds the asset in its Property Fund.

In January, QIC sold the undeveloped balance of the nearby Coomera Town Centre to Keylin Group and Kinstone Developments for $30m.

At Robina, south of Surfers Paradise, it also recently offloaded a Bunnings outlet and the Home+Life Homemaker Centre – the latter to Primewest for $66m.

Westfield Helensvale

Covering 17.27 hectares at 1-29 Millaroo Drive, the shopping centre is also known as Westfield Helensvale.

Co-developed in 2005 by QIC and Scentre – the other owner – it contains 44,832 square metres of gross lettable area (story continues below).

Some 971 sqm of this is offices.

There are also 2096 car parks.

Aldi, Coles, Kmart, Target and Woolworths are the biggest occupiers – all up renting 88 per cent of the area; there is also about 180 specialty stores.

Including a neighbouring development site, the property was valued in December, 2020 at $382m, assuming a 6.89pc yield.

CBRE selling agent Simon Rooney said the complex, wedged between the Pacific Motorway and Helensvale train and light rail stations, services a trade area population of 345,000 with a total accessible market of 690,000 residents.

“As retail fundamentals continue to improve, investors are pro-actively re-engaging and seeking out top-end shopping centre investment opportunities,” the broker added.

The suburb is about a 17 kilometres drive north west of Surfers Paradise.

QIC recently sold Melbourne’s Pakenham Place to BANCO Group and Leaf Corporation, which plans to refurbish.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.