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Case Study: Crestwood Plaza

A Gold Coast Shopping Centre has sold for an impressive $17.55 million as investors flock to secure strong income generating assets.

Last week, Ryan Chandler and Stewart Gilchrist brokered the off-market deal at Crestwood Plaza, located at 458 Olsen Avenue, Molendinar on the Gold Coast. The 1.22-hectare site anchored by SuperSpar Supermarket was taken to market during 2018 and 2019 with competing agencies but failed to sell. The neighbourhood shopping centre faced leasing risk associated with the then anchor tenant Spanos IGA, who left at the end of their lease term.

Colliers Value Add Strategy

Through strategic retail leasing, Ryan negotiated an off-market lease to a new anchor tenant SuperSpar Supermarket on a 10-year initial term. The corporate flagship store alleviated the risk associated with the neighbourhood centre’s major tenant, which accounted for 37.9% of the asset’s NLA. 

Following the addition of a new low risk anchor tenant, Ryan was able to reduce the balance of the vacancy by introducing a new speciality tenant. This absorbed a further 150m2 at a market rental rate on a 7 year initial term, increasing the centres investment appeal.

Divestment Strategy

Ryan’s understanding of tenant requirements and specific purchasing criteria from active investors led to significantly improving the asset by way of increasing occupancy, income and the leasing W.A.L.E. This impressed the Vendor so much so, that they entrusted him to sell the asset.

The private Adelaide-based property company, were preparing to re-launch an on-market campaign with Colliers International exclusively, however an off-market offer was fielded, and a deal was struck at $17.55 million reflecting a current passing yield of ~6.9%.

Current Market Conditions

The retail investment market is currently starved of neighbourhood centres, and as such, investment opportunities of this size are quickly being absorbed at compressed sale rates, due to the lack of stock being offered to market.

Colliers International are receiving strong interest nationally, from savvy investors seeking to acquire assets of this calibre before they enter the market.

We anticipate there to be a flood of retail investment opportunities entering the market in the first half of 2021 as neighbourhood centres are stabilizing and strengthening following the retail uncertainty that COVID-19 brought.

Related Experts

Ryan Chandler

Senior Executive, Metro Sales | Investment Services

Gold Coast

Ryan has over 10 years of agency experience which has allowed him to develop a valuable skillset specific to the retail sector. He has the ability to support his clients by creating secure foundations to their assets financially with strategic retail leasing, ensuring sustainability and complimentary tenancy mixing is of the highest priority. Ryan utilizes his network of industry contacts to secure national brand anchor’s and reduce vacancies within the balance of the assets specialty tenants.

Over the past 5 years Ryan has worked closely with the Colliers International Gold Coast and Brisbane directors of Retail Investment Services to further develop his skill set to assist his clients with profitably acquiring or divesting strata/ volumetric/ freehold retail assets.


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Stewart Gilchrist

National Director, QLD | Retail Middle Markets


I am the head of the Retail Investment Services Team in Queensland and on a daily basis, work hand in hand with my fellow retail counterparts in the southern states.

Since joining Colliers International in 2009, I have specialised on the sale of all categories of retail investments being; neighbourhood supermarket based centres, sub-regional, regional, large format retail service centres and tourism retailed retail properties.

For 4 years I was also the Director in charge of the Colliers International Gold Coast office and Head of Colliers Insolvency Property Division.

Over my career I have transacted over 80 properties at a capital value in excess of $3 Billion.


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