- Acure Asset Management has purchased the Emerald Lakes Town Centre for $21.5 million
- The asset was put on the market by Brisbane-based development firm Pointcorp
- The 4,829sqm building has tenants including Cardno, Oliver Hume and The Uniting Church
A $21.5 million transaction sees Emerald Lakes Town Centre change hands from Brisbane-based development firm Pointcorp to Perth-based funds management group Acure Asset Management.
The purchase marks Acure Asset Management’s third Queensland investment, revealing confidence in the state’s property market.
The five-level, 4,829sqm commercial and retail building is nestled in the centre of the Emerald Lakes Estate. It has a low vacancy rate with 15 tenants including Cardno, Oliver Hume and The Uniting Church.
The strata-titled building sold on a passing yield of 7.63%, based on a total net income of $1,641,742 per annum at the time of sale. The estimated fully leased yield is 8.8%.
Acure Asset Management Managing Director Angelo Del Borrello said the group was excited to tap into the Gold Coast market.
“Our company continued to monitor the quarter-on-quarter uptake in office vacancy across the Gold Coast in 2021 and viewed the Emerald Lakes Town Centre as a strong asset for our portfolio with excellent value-add opportunities.
The acquisition of Emerald Lakes Town Centre marks the first commercial office investment in Queensland.
“We now have circa $500 million in property under management, and we aim to keep growing.”
Angelo Del Borrello, Acure Asset Management Managing Director
“We are looking forward to the coming months as we undertake a significant capital works program and we are confident that our asset management experience can add value to the property,” Mr Del Borrello said.
The deal was managed by Andrew Rockley and Clare Purdy of Goodrock Property while CBRE’s Mark Witheriff, John Nucifora and Daniel Doran negotiated the sale on behalf of Pointcorp.
“The campaign generated wide-ranging interest nationally, reflecting the market appetite for Gold Coast real estate,” Mr Witheriff said.
“While there have been some economic headwinds of late, we continue to see interstate capital flow to the Gold Coast as the market fundamentals remain strong. We have contracting office vacancy, strong retail growth and surging interstate migration.”
Following the sale, Pointcorp intends to focus on completing the nearby riverfront land project Riverina. The development is a master-planned community featuring an exclusive deep-water marina, 2.8ha central lake and a residents-only club.
