Feature Stories Industry News

QIC to sell 50% stake in Westfield Helensvale

The Westfield Helensvale stake presents rare regional shopping centre investment opportunity

Fund manager QIC is preparing to market its 50% stake in the highly successful Westfield Helensvale regional shopping centre in South East Queensland, paving the way for the first Australian sale of a regional shopping centre since early 2020.

CBRE has been appointed to steer the high-profile sale campaign on behalf of the QIC Property Fund.

CBRE’s Head of Retail Capital Markets Simon Rooney said, “While early days, we are seeing a clear value and performance reset in the regional shopping centre sector in 2021, with the best assets recording strong monthly turnover and traffic growth in addition to income stabilisation.”

Rooney added, “This value proposition has become increasingly compelling for investors, given the comparative returns on offer from alternative asset classes, where pricing levels are at historic highs. As retail fundamentals continue to improve, investors are pro-actively re-engaging and seeking out top-end shopping centre investment opportunities.”

Constructed in 2005, Westfield Helensvale is strategically located on an underutilised, 17.27ha site, in the booming northern Gold Coast growth corridor.

Westfield Helensvale is strategically located in the booming northern Gold Coast growth corridor

The modern and visually impressive, double discount department store centre has a gross lettable area (GLA) of approximately 44,800m2. Major national retailers Woolworths, Coles, ALDI, Kmart and Target account for 88% of the total GLA and contribute to the centre’s high visitation rate of over 6.3 million customers each year.

The 50% stake represents a very rare opportunity to secure a high quality regional shopping centre interest, with the last such trades involving a 50% stake in Western Australia’s Garden City centre, which was acquired by Scentre Group in 2019 for $575m, and YFG’s two-stage purchase of Mt Ommaney shopping centre in Brisbane for $380m, in a deal which concluded in early 2020.

“We expect this very strategic 50% stake in Westfield Helensvale to be competitively contested, as regional assets of this nature are traditionally tightly held and rarely traded,” Rooney said.

Westfield Helensvale boasts a visitation rate of more than 6.3 million customers each year

“The centre’s high productivity, robust performance and solid rebound post Queensland’s COVID lockdowns, will help drive competitive investor interest, as will the asset’s strategic growth corridor location, high customer spend and surrounding significant transport infrastructure.”

The centre is strategically positioned between the Pacific Motorway and the Helensvale Train and Light Rail station, servicing an expansive trade area population of 345,000 residents with a total accessible market of 690,000 residents.

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 shoppingcentrenews.com.au 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

Advertisement

Advertisement