Sunland’s Benowa Retail Precinct Sells for $16.7m

The Marina Concourse Village Retail Precinct, one of the last Queensland property assets to be released by Sunland Group, has sold in a deal worth $16.78 million.

The precinct was sold to an unnamed Gold Coast buyer by Kollosche Commercial sales agents Adam Grbcic and Tony Grbcic.

Grbcic  said the sale price represents a yield of 5.5 per cent, “which is a positive price result”.

“A national marketing campaign attracted healthy interest in what is a safe asset with key anchor tenants on long lease periods,” he said.

An expression of interest campaign attracted 168 enquiries from interstate and local investors.

The buyer is an experienced local investor with several residential and commercial freehold investments on the Gold Coast, who was drawn to the centre’s “set and forget” income and the opportunities to add value.

“There is a rare mix of tenancies, so there was no real precedent for this property. A large portion of the precinct is occupied by purpose-built tenancies,” Grbcic said.

The retail village comprises eight tenancies, including a home builder, childcare centre, swim school and a complimentary mix of retail and commercial tenants.

The sale included the marina within the estate, which could yield up to 100 marina berths or alternative commercial concepts, as well as excess land that could be developed into additional commercial office space, according to Kollosche Commercial.

▲ The Marina Concourse Village Retail Precinct is, one of the last Queensland property assets to be sold by Sunland Group.

“The rights to the marina open up the further potential to build marina berths, a floating restaurant or activate the water with recreational water sports,” Grbcic said.

The Marina Village Retail Precinct sale forms part of a major rationalisation by the ASX-listed Sunland Group, which is offloading its Queensland property portfolio.

Kollosche Commercial also facilitated the $45.8 million sale of Sunland’s The Lanes Retail Precinct in Mermaid Waters in June.

Sunland founder Soheil Abedian meanwhile has gone solo, recently gaining approval for a $255-million, 36-storey tower on a 1620sq m site on Mermaid Beach’s Peerless Avenue.