Industry News

Stockland sells Benowa Gardens for $40.1 million

Stockland sells Benowa Gardens

A Queensland based fund manager has purchased Gold Coast based centre Benowa Gardens Shopping Centre. The Stockland owned and managed centre has sold for $40.1 million with a passing yield of 6.3%. The 5,806 m2 Coles anchored neighbourhood centre has 36 specialty stores with a sales performance of $6,848 per m2.

The centre has sold exclusively through Peter Tyson and John Tyson of Savills Australia, with strong interest from buyers with more than 233 enquiries for the highly productive neighbourhood centre which was built in 1992.

The centre is located less than 5 kilometres from Surfer’s Paradise and attracts 1.5 million visitors annually. The convenience-based neighbourhood centre sits on 17,600m2 and has future development potential.

The primary trade area average household income level is $111,871, significantly higher than the south eastern Queensland average of $98,803 making it an attractive trade area for the purchaser.

Stockland in 2019 announced it was winding up the unlisted property fund which included Benowa Gardens Shopping Centre. Stockland sold Stockland Pacific Pines on the Gold Coast in 2019 for $30.81 million.

About the author

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment

Notice: Undefined index: comment_cookie_gdpr in /opt/amaze/srv/live/app/www/wp-content/themes/herald/core/template-functions.php on line 28

Notice: Trying to access array offset on value of type null in /opt/amaze/srv/live/app/www/wp-content/themes/herald/core/template-functions.php on line 28