Westfield Helensvale
Westfield Helensvale entrance. Image supplied.
  • The 43,000sqm shopping centre is anchored by Woolworths, Coles, Aldi, Target and Kmart
  • QIC says the divestment aligns with the client endorsed strategy for the fund
  • The sale was negotiated by CBRE's Simon Rooney

QIC Property Fund has announced the settlement with IP Generation Holdings on the sale of half of Westfield Helensvale, on the Gold Coast.

The other half is owned by Scentre Group as part of a joint venture.

The 43,000sqm sub-regional shopping centre is anchored by Woolworths, Coles and Aldi, Target and Kmart discount department stores, 3 mini-major tenancies along with 135 speciality tenancies and six mezzanine office tenancies. There is parking for around 2,000 vehicles.

Michael O’Brien, QIC Real Estate’s Managing Director, confirmed the settlement yesterday, noting that the divestment was in line with the client endorsed strategy for the fund.

“At $185 million, the sale of 50% of this asset was in line with QIC’s book value – a very pleasing result for our investors and QIC,” said Mr O’Brien.

“Not only does this divestment further showcase our ability to deliver successful transactions on behalf of investors, but also demonstrates that investors’ confidence is returning to the broader retail sector.

Michael O’Brien, QIC Real Estate Managing Director

“In alignment with our long-held fund strategies, we continue to execute on market opportunities which drive strong performance for our clients.”

The sale was negotiated by CBRE’s Head of Retail Capital markets, Simon Rooney, on behalf of QIC.

“The opportunity to acquire one of south-east Queensland’s premier convenience-based sub-regional centres and the ability to partner with the asset’s joint owner, Scentre Group, were key buyer drawcards,” commented Mr Rooney.

“Joint venture opportunities with major institutional owners and managers are now being actively pursued by investors, particularly those offering future development upside.”

Simon Rooney, CBRE

Booming market

Westfield Helensvale is located in the growing northern Gold Coast growth corridor, about 45 minutes south of the Brisbane CBD, and about 20 minutes north of Surfers Paradise.

The shopping centre is also adjacent to the Brisbane Heavy Rail, Gold Coast Light Rail and has frontage to the M1 Motorway and Gold Coast Highway.

Sub regional shopping centres in Queensland have been in demand given the booming neighbourhood retail market. Last month, IJ Capital sold Benowa Gardens to a private investment group for $60.5 million, who only purchased the centre itself in early 2020 for $40.1 million.

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