The recently developed Ormeau Village Shopping Centre on the Gold Coast has been listed for sale by retail specialists Savill.
The fully leased 5,003 sqm centre is situated on the northern Gold Coast, just off the M1 Pacific Motorway, in the burgeoning Brisbane - Gold Coast growth corridor mid-way between Brisbane and Surfers Paradise.
Ormeau Village (pictured) features a 3,416 sqm Coles supermarket and Liquorland, plus 16 specialty shops and parking for 255 vehicles on a 23,490 sqm site.
Coles and Liquorland will be offered on a rare attractive net lease until December 2032, plus options until 2072. The Coles supermarket has traded strongly since opening, with strong year-on-year growth reflecting the quality of the centre offering and ongoing catchment growth.
The centre is 100% leased and features a strong mix of daily needs and essential services tenants including a medical centre, dental clinic and pharmacy.
Savills’ National Director Peter Tyson said: “Ormeau Village is a prime near-new convenience-based neighbourhood centre in a major growth corridor. This asset class has proven to be extremely resilient investment strategy providing stable and defensive income streams, under-pinned by everyday consumer staples.”
Gold Coast is Australia’s sixth largest city and is bigger than Canberra and Hobart combined, with a resident population reaching over 630,000 in 2021 and forecast to grow to over 1,000,000 residents between 2040 and 2050. Much of this growth is focused on the land corridor between Brisbane and Gold Coast, centred around areas like Ormeau, Pimpama and Coomera.
Savills’ retail specialists Peter Tyson and Jon Tyson are handling the sale on behalf of Coles Group Property Developments.
Jon Tyson said: “The Ormeau trade area population is forecast to increase to over 34,000 by 2036, which augurs well for ongoing strong local demand for neighbourhood retail and services. Ormeau Village is well placed to benefit over throughout the short and longer term with these dynamics.”
The Centre features a strong weighted average lease expiry of over 8 years with Coles and Liquorland making up almost 70% of the centre’s GLA.
Expressions of Interest close 19 October 2022.