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.