- Represents the largest ever LFR sale in Queensland
- Is the second largest LFR sale in Australia
- Over 7 hectares of vacant land has preliminary approval for more developments
The $265 million sale of Homeworld Helensvale has become Queensland’s largest large format retail (LFR) transaction on record, and Australia’s second largest LFR sale.
Comprising over 36,000 square metres of lettable area and a diverse mix of tenants, Homeworld Helensvale is situated in the northern suburbs of the Gold Coast, some 18 kilometres north of Surfers Paradise and approximately 60 kilometres south of the Brisbane Central Business District.
The landmark 20.3 hectare site is located on the highly trafficked Pacific Highway, and includes 7.34 hectares of developable vacant land on the same lot directly adjacent to the Centre with a portion of the land having preliminary approval for showroom, retail, medical and indoor recreation, and office expansion. Approval for high density residential, hotel and retirement living has also been granted.
“Large Format Retail has been one of the most resilient retail asset classes through the COVID pandemic, with probably the strongest yield compression of all the retail sub-sectors during this time and with average gross face rents having remained stable over Q2 2022,” said Stonebridge’s Philip Gartland.
The sub-sector has also seen heightened patronage due to working preferences:
“Continued work from home and a reduced supply in the residential market has also boosted key large format retail categories, with many outperforming broader retail sales growth,” said Colliers’ Lachlan MacGillivray.
Mr Gartland added, “Over the past few years, changing consumer behaviours and planning flexibility has allowed the tenancy mix within LFR centres to evolve to suit both retailers and customers alike from both a convenience and flexible trading hour perspective. Homeworld Helensvale is a very strong example of this evolution”
The invitation only international expression of interest campaign was managed by Colliers and Stonebridge, whom noted there were strong levels of engagement with a mixture of domestic and offshore groups which attracted substantial interest from high net worth privates, institutional groups and developers.
Ultimately, after a competitive two round EOI process, a high net worth private investor acquired Homeworld Helensvale.
