Firestar Developments has purchased Boonooroo Park Shopping Centre in Carrara for $3.85 million with plans to build a service station onsite that 7-Eleven is set to occupy on a 15 year lease. The retail centre settled in June after Gold Coast City Council approved the development application last month.
The property was marketed by Stewart Gilchrist and James Crawford of Colliers International via an on-market Expressions of Interest campaign mid last year. The retail centre was promoted with the potential of adding a service station to part of the site based upon a preliminary town planning report.
Mr Crawford said given the development upside of the property, it was highly sought after by investors, major service station operators and developers alike. “The campaign attracted more than 100 enquiries and resulted in 14 parties submitting expressions of interest to buy.
“Three national service station operators submitted offers to lease the proposed service station tenancy on long term leases. This demand by the service station operators fueled the buyer demand.
“The ultimate buyer, Firestar Developments purchased the retail centre subject to securing a service station lease and extended settlement terms to allow for council approvals. Whilst the property was under contract we were able to negotiate a new 15 year lease plus options with 7-Eleven on behalf of the buyer.”
Tony Lenan, head of Firestar Developments, a long established commercial property development group, said “We are very excited to have the opportunity to transform this Centre by adding a top tier service station operator who will attract a significant volume of new customers.
“In conjunction with the construction of the 7-Eleven service station we will be adding a new entry off Neilsens Road and giving the balance of the Centre a major refurbishment and upgrade. We believe new tenants will be attracted to the currently vacant tenancies, and the Centre‘s popularity along with local residents and passing motorists numbers will significantly increase.”
Mr. Lenan wanted to thank the Gold Coast City Council for their proactive and cooperative approach to the addition of the service station to the Centre.
The older style brick freestanding shopping centre is situated on Nielsens Road just metres from the M1 Pacific Motorway in Carrara, comprising of 11 tenancies with 30 per cent vacancy and a mix of tenants including a bottleshop, Pizza Hut and Foodworks. It is situated on a 4,944sqm site, has a net income of $204,384 per annum and features 52 car spaces.
According to Mr. Crawford, Boonooroo Park Shopping Centre will not only benefit from the new service station which will be constructed on-site, but also from building upgrades and an overall repositioning of the centre. As a result we are in the early stages of seeking interest from national food franchises for this revitalized centre.