QIC offloading Gold Coast mall

A half stake in Westfield Helensvale is speculated to be selling for c$200 million.

IP Generation is speculated to be paying c$200 million for a half stake in both Westfield Helensvale and the neighbouring former ex-NightQuarter market.

The vendor, QIC, which held it in the Global Real Estate Fund, is reweighting its portfolio.

SCentre owns the balance.

The sale comes three weeks since Greenpool and Qualitas paid Vicinity $132m for a half share of the region’s Runaway Bay shopping centre.

The pair outlaid $128m for the first 50pc from Perron Group five weeks earlier.

In October, Panthera Group purchased the unbuilt retail component of Mermaid Waters’ The Lanes project, for $45.8m from Sunland.

Also this quarter, Cbus and UniSuper bought an 80pc interest in Broadbeach’s Pacific Fair for $1.44b; the balance of this asset, held by Dexus Wholesale Fund, is also for sale.

CBRE’s Simon Rooney marketed the Helensvale asset but declined to comment.

In September, the state government paid $60.5m for a 19.3ha housing block next to the shopping centre for its Coomera Connector project (story continues below).

Westfield Helensvale

About 15 kilometres north west of Surfers Paradise, Westfield Helensvale, at 1-29 Milaroo Drive, opened in 2005.

On 17.2 hectares, it contains c44,832 square metres of area anchored to Aldi, Coles and Woolworths.

There are also about 135 specialty stores, six office suites and 2100 car parks; it attracts about 6.5 million visitors a year.

SCentre valued the asset and neighbouring site late last year at $382m assuming a 6.89 pc capitalisation rate.

NightMarket relocated to Stockland’s Britinya Town Centre.

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Marc Pallisco

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