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Switched-on investors pick up Gold Coast home of pay TV group Foxtel for $33 million

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Ipswich Investor, Property Management, Real Estate Ipswich, Mortgage Broker Ipswich, Ipswich property market

THE Gold Coast home of pay television group Foxtel has changed hands with an investment joint venture striking a $33.1 million deal to tune in to one of the glitter strip’s largest office buildings.Ipswich Investor, Property Management, Real Estate Ipswich, Mortgage Broker Ipswich, Ipswich property market

Formerly known as the Austar building until the group’s merger with Foxtel last year, its sale is being touted as one of the strongest signals this year of improving confidence in the Coast’s hard hit property sector.

Brisbane-based property group Trident Corporation has teamed with venture capital group Alceon to purchase the six-level office complex adjacent to Robina Town Centre.

The syndicators finalised the deal this week with US investment giant BlackRock, which has been trying to offload the asset since 2008 as part of its exit from Australia.

Christian Sandstrom of Jones Lang LaSalle and Mark Witheriff of CBRE were the marketing agents for the building at 35 Robina Town Centre Drive.

Mr Sandtstrom said the transaction was a positive sign for a long-awaited recovery in the Coast’s ailing economy.

“It’s signalling a resurgence in interest in the Gold Coast property market,” he said. “And that is only going to improve, particularly as the 2018 Commonwealth Games get closer.”

Mr Sandstrom said on a rate per square metre basis, the deal struck at $3373/sq m on a 12.27 per cent yield represented “one of the largest transactions on the Coast in the past five years”.

Foxtel occupies the 9814sq m building under a lease expiring in October 2016 that returns a net rental income of $4.06 million. It also holds two five-year options.

Trident director Marcus Gaffney said the group had been “watching from a distance” as the asset was taken to the market via successive sales campaigns in recent years.

“For us, we’ve had experience on the Coast and we know it well and we can see that things are changing there,” he said.

“So we finally moved on the opportunity and had a crack . . . and we knew Alceon were also interested in investing in the Gold Coast.”

Mr Gaffney said Trident last year undertook an analysis of the city’s office market and “it was a lot better than what we thought”.

“We have seen increased leasing activity in the market and, with a functional positive council, business confidence is improving,” he said.

Mr Gaffney said the fundamentals of the Foxtel building “ticked boxes for us” including its blue chip tenant, location, large floor plates, ample natural light and car parking.

“That property has got probably the best amenity on the Coast,” he said. “The town centre is pretty well unparalleled for what it provides and over and above that there’s the football stadium, health precinct and train station.

“So we’re excited about the future of Robina and believe it will be the ongoing focus for government support as far as tenants go when they start leasing space again.”

Mr Gaffney said Foxtel had indicated it wants to stay on the Coast but even if it did decide to move out the building’s 1600sq m floor plates were a rarity and would provide appeal in the local office market.

“There’s not actually a lot of big office buildings that provide a good opportunity for larger tenants on the Coast and this is probably, in our view, the best one,” he said.

The Foxtel building is among only a handful of big corporate hitters in the Gold Coast office market. The list also includes Fifty Cavill Avenue, the Corporate Centre buildings and the nearby 16-level office tower The Rocket.

Merrill Lynch Investment Managers bought the 6760sq m site from QIC Robina in 2000 at a cost of $1.27 million ahead of the building’s development the following year. In 2006, MLIM merged with BlackRock.

The building includes 157 undercover car parks and 111 podium-level car parks.

 

Original article published at   www.news.com.au by Phil Bartsch    The Courier Mail 15/5/2013

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Commercial Property

$100m of Queensland Regional Shopping Centres Change Hands

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$100m of Queensland Regional Shopping Centres Change Hands
The recent sale of an Ipswich neighbourhood shopping centre has tipped total transactions in Queensland regional shopping centres over the $100 million mark as 2018 rolls into March.

Sydney-based Mintus purchased the St Ives Shopping Centre for $30.45 million as part of an overall investment package which also included six adjacent properties.

The additional sites included an 11 shop strip retail centre, two freestanding commercial buildings, two vacant mixed use development sites and a vacant house, each on separate titles.

St Ives Shopping Centre is anchored by a Woolworth Supermarket and occupies 38,200 square metres with parking for over 500 cars.

Savills Australia’s Peter Tyson said that the St Ives Shopping Centre and the adjoining holdings were amalgamated over many years.

“Buyers were attracted to the value-add potential of the large-scale land holding which featured significant embedded real estate value and a flexible “Major Centres” zoning which allows for mixed-use development up to 12-storeys.”

Despite it still being early days in 2018 for the market, Queensland has seen a number of high-level investments in regional shopping centres, illustrating a demand in the sector for assets and land.

In February, Marketplace Deagon Shopping Centre was sold to a Chinese investor for $23.3 million on a net yield of 6.95 per cent and in the same month, AM Australia Retail Property Fund acquired the Springfield Fair neighbourhood shopping centrefrom Charter Hall Retail REIT for $23.5 million on a yield of 7.05 per cent.

North of Queensland’s Sunshine Coast, $12.85 changes hands when Brisbane-based Altor Capital purchased the Cooloola Cove Shopping Centre from a Sydney investor.

In January, retail asset Ipswich Homebase was listed as part of an inter-state retail portfolio in 2017 and sold this year as part of said portfolio for a collective $89.05 million.

Originally Published: theurbandeveloper.com

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Commercial Property

Ipswich neighbourhood mall sells on 9.5 per cent yield

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Ipswich neighbourhood mall sells on 9.5 per cent yield
The Goodna shopping centre at Ipswich was bought by Sydney-based Mintus. Supplied

Sydney-based developer Mintus has paid $30.45 million to buy the Woolworths-anchored St Ives Shopping Centre, plus six adjacent properties in Goodna, Ipswich in south-east Queensland.

Built in the 1970s and renovated many times, the 38,200-square-metre neighbourhood mall on a 6.25-hectare site sold on a fully leased yield of 9.5 per cent.

It was put up for sale by Kin Ming Eddy Tse and Shui On Tse, from Brisbane and Hong Kong. They paid $11.2 million for the asset in 1994.

The sale of the Ipswich mall is further evidence of the appetite among private investors for neighbourhood or convenience centres, anchored by a major supermarket, which are considered better positioned to counter the growth of online retailing.

The Woolworths supermarket, whose lease at St Ives runs until 2023, sits alongside 49 specialty tenants, including Domino’s, Red Rooster and Subway with parking for 500 cars.

It’s the second Queensland mall acquisition by Mintus in less than a year after it paid $40 million in March 2017 to buy the Woolworths-anchored Market Square Deception Bay north of Brisbane.

The company was founded in 2014 by Melham Hazzouri and has been rapidly acquiring a portfolio of malls and residential development projects.

Mr Hazzouri said the St Ives Shopping Centre and its land holding was the perfect fit for the Mintus portfolio.

“The centre allows for plenty of value add and redevelopment for the future. We look forward to significantly adding value in the short term, working with the retailers and the community to bring St Ives back to its full potential,” Mr Hazzouri said.

The sale of St Ives Shopping Centre was transacted by Peter Tyson and Jon Tyson of Savills, in conjunction with Shane Sax of Pace Property.

“The centre attracted strong interest from the market. The sale was well contested resulting in multiple bids, primarily from private investors,” Jon Tyson said.

In 2016, Mintus purchased the Village Central Wyong, a neighbourhood shopping centre on the NSW Central Coast from MAB Corp for just under $18 million while in late 2015, Mintus partnered with Revelop to buy the last remaining parcel of land at Nelsons Ridge in Sydney’s west from Boral for almost $60 million.

Originally Published: www.afr.com

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Commercial Property

Queensland Regional Shopping Centre Sells for $23.5m

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Queensland Regional Shopping Centre Sells for $23.5m
Queensland’s neighbourhood retail sector has seen another major transaction with a regional centre changing hands for $23.5 million.

AM Australia Retail Property Fund acquired the Springfield Fair neighbourhood shopping centre from Charter Hall Retail REIT on a yield of 7.05 per cent.

Charter Hall Retail REIT is divesting smaller retail assets as it shifts its focus to larger, higher growth properties. The REIT offloaded three shopping centres for $91 million in November.

Situated on a 2.2-hectare site 16km east of the Ipswich CBD and 22km southwest of the Brisbane CBD, Springfield Fair was the first full line supermarket centre developed in the Springfield area.

The sale was negotiated by JLL on behalf of Charter Hall.

JLL national director of retail investments Jacob Swan said Springfield Fair benefited from “outstanding population growth” within the Ipswich local government area, the second highest in Queensland.

“The centre has a very strong history of occupancy and representation from a wide range of national tenants,” he said.

In the final quarter of 2017, $1.325 billion in major retail transactions were recorded in south east Queensland, including Benowa Village which was sold to a private investor for $49.5 million – the sharpest initial yield ever recorded at the time for a neighbourhood shopping centre in Queensland.

Completed in 1997 with a major refurbishment in 2006, Springfield Fair is a Coles-anchored, fully-leased centre with 6,318 square metres of lettable area.

Originally Published: theurbandeveloper.com

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