One of Australia’s most iconic shopping centres has entered the market peaking the interest of investors both in Australia and across the globe.
Gold Coast’s high-profile shopping centre, 'Pacific Fair', together with two other popular Queensland shopping centres, ‘Harbour Town Premium Outlets' & 'Westfield Helensvale' are expected to each generate sale prices of hundreds of millions of dollars.
Pacific Fair Shopping Centre
It is estimated that the sale of Pacific Fair Shopping Centre could reach as high as $1.8 billion, which would officially label the Broadbeach tourist attraction as Australia’s largest shopping centre sale.
Located right in the heart of Broadbeach adjacent to ‘The Star’ Casino, the now 44 year old shopping centre was given a major facelift back in 2015. Redeveloped by Place Design Group, $670 million was injected into the centre, which estimates to attract thousands of people each and every day.
With expressions of interest closing in Mid-October, CBRE & JLL have been appointed to manage the large scale campaign, which sources claim to have gained plenty of interest from both major local and global investors.
It is rumoured that there could be new owner on the way for a 20% stake in the luxurious retail site, estimated to be valued between $336m and $366m. The Gold Coast Bulletin reported that negotiations for the remaining 80% stake (owned by AMP Capital Retail Trust), will proceed once the 20% stake deal has been struck.
Harbour Town Gold Coast
McVay Real Estate in conjunction with CBRE have been appointed to sell a 50% stake of Harbour Town shopping centre. The opportunity to acquire Biggera Waters’ Harbour Town has reportedly received solid interest from both local and international investors.
Commenting on the large retail opportunity McVay Real Estate Director, Sam McVay stated that, “Harbour Town Gold Coast is an incredible opportunity to one of Australia’s best performing Outlet Malls that offers considerable value add upside. Operating with a hybrid model, Harbour Town offers a thriving and diverse tenancy mix of convenience, fresh food, entertainment, dining, and outlet retail, providing greater income resilience and consistent trading performance."
Expressions of Interest for the 50% Harbour Town stake will close next week.
Situated in the Gold Coast suburb of Helensvale, 'Westfield Helensvale' also known as ‘Helensvale Town Centre’ is expected to change ownership with the current 50% stake on offer. Additionally, it’s also reported that the adjacent neighbouring site of the former NightQuarter markets will also be included in the sale.
Having opened in 2005, Westfield Helensvale has major tenants including McDonalds, KFC, Coles, Kmart, Target and Woolworths. Scentre Group currently owns the other 50% stake. It’s anticipated that the sale stake is likely to be settled for a nine-figure sum.