Helensvale Square Retail Centre, located in the northern Gold Coast growth region, has been snapped up by a Hope Island based investor for $4.65 million.
Currently the centre is occupied by four quality tenants including national veterinary chain Greencross Vets, Mind the Gap Denture Clinic and Physio-size, Helensvale Dry Cleaning and IRIS Imaging. Advertised with a net income of $369,000 per annum, two of the six tenancies became vacant throughout the course of extended negotiations.
Steve Clark, Senior Executive of Metro Sales at Colliers International marketed the property with recently retired colleague Brad Johnston via an Expressions of Interest campaign.
Mr Clark said: “Helensvale is a very active business hub on the northern end of Gold Coast and has very low vacancy in the commercial and retail space, being highly sought after by retailers and professional service type occupiers.
“The buyer, who has purchased other significant investments in the region, was highly attracted to the property because of its multi tenanted component and the fact that it is located in a key northern Gold Coast growth precinct.
“Helensvale population is projected to grow by another 38 per cent by 2036 with a future 2,000 residential lot sub division planned for the area, as well as major infrastructure development where the light rail will connect with the heavy rail.
“Helensvale Square is in the town centre precinct, opposite Coles anchored Helensvale Plaza, Helensvale Tavern and library. It is walking distance to nearby heavy rail and Westfield Helensvale. It has always performed well in the past. This will continue to be the case given the forecast growth”
The centre is located on a 2,782sqm site at 13 Sir John Overall Drive and features 731sqm NLA over six tenancies, as well as 39 on-grade car parking spaces. Current passing income with vacancy is $313,390.49 per annum and an effective yield of 6.7%.