The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterThu 13 Oct 16

Marquette Acquires Strategic Retail Centre At Mermaid Beach

Aerial_North_620x380

Marquette Properties has acquired a retail asset on a large land holding on the Gold Coast Highway at Mermaid Beach, knows as Pacific Square.

Negotiated by K2’s Stuart Moody, the deal was transacted off market for $20,900,000 or a passing yield of 7.20% in an off-market transaction.

The single level retail and office asset sits on a 17,300 square metre site with 240 at-grade cars, and is 100% leased to tenants who have been at the centre for an average tenure of 10 years. Tenants include the QLD State Government, Supercheap Auto and Snap Fitness.

Marquette Properties Managing Director Toby Lewis believes Pacific Square is a well-established retail asset in a prime catchment on the Gold Coast, as it sits 400m from the Gold Coast light rail station, the newly redeveloped Pacific Fair shopping centre and the ever-expanding Jupiter’s Casino.

“As well as being a stable investment with a significant rental reversion, the asset has enormous future development upside,” Mr Lewis said.

“A 1.73ha future development site already zoned for 8 levels of residential with a strong, dependable income is rare.

“The asset has excellent retail fundamentals and is consistent with our investment philosophy of buying assets that that we can drastically change the value of and be a ‘price-maker’ at exit," he said.

"We believe the current day development value and replacement cost value exceed the investment value price we have acquired the asset for.”

Pacific Square is Marquette’s fourth retail acquisition in the last six months. Others include:

  • St Lucia Village, St Lucia QLD - $10.2m

  • Festival Towers, Brisbane CBD - $22.7m

  • Bushland Beach Plaza, Townsville - $5.5m (and sold to SCA for $25.0m on a fund-through)

RetailAustraliaReal EstateDeal
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/marquette-acquires-strategic-retail-centre-mermaid-beach