- The centre features a full-line Woolworths and BWS, with seven special tenancies
- The same Colliers team recently sold the Fernvale Shopping Centre for $35.55 million
- Comes with a development application for 51 apartments
Sales activity across Gold Coast regional shopping centres continues to boom, with Colliers listing a high-performing Woolworths-anchored shopping centre in the Northern Gold Coast Growth Corridor.
The Coomera East Shopping Centre, located on Foxwell Road, features a full-line 3,332 sqm Woolworths and BWS, and is supported by seven special tenants, such as TerryWhite Chemmart.
The centre’s catchment population growth is currently double the Southeast Queensland average. Presently, it is 100% fully occupied, with a fully leased income of $1.3 million per annum.
Colliers’ Stewart Gilchrist and James Wilson have exclusively listed the asset, with the duo having recently sold the Fernvale Shopping Centre, also anchored by Woolworths, for $35.55 million.
“The centre has all of the vital ingredients sought-after by retail investors – a rare 15-year lease to Woolworths, a WALE of almost 12 years, net specialty leases, a location in one of the strongest population growth corridors in Australia, and a DA to build an additional eight-level building on site,” Mr Gilchrist said.
“Woolworths Coomera East Shopping Centre is expected to be targeted by ‘cashed up’ private investors and funds given over 80 per cent of its income is secured by a high-performing Woolworths supermarket and supported by only seven essential service retailers,” Mr Wilson added.
“Colliers anticipates domestic purchasers to face strong competition from Southeast Asian capital due to its strategic location in the Gold Coast’s highly prized northern growth corridor.”
James Wilson, Colliers
Foxwell Road Centre Pty Ltd currently own the side, having developed it in 2015.
A vacant parcel of land at the southern boundary of the site. A DA is in place for 51 residential apartments and 2,100 sqm of commercial or retail suites.
Currently, main trade retail spending is around $290.7 million, with this forecast to increase to $624.1 million by 2036.
This represents an average growth rate of 5.6% per annum.
