TAIWANESE SNARE BRONBERG PLAZA

Written on the 7 August 2014 by Nick Nichols

TAIWANESE SNARE BRONBERG PLAZA ASIAN buyers continue to buoy the Gold Coast commercial property market following the sale of Bronberg Plaza to Taiwanese investors for $14.4 million.

The deal, negotiated by Joshua Jeans of LJ Hooker Surfers Paradise, has been struck on a yield of 8.2 per cent.

Jeans says the off-market deal has been a more than two months in the making with the Taiwanese buyers specifically targeting an investment in south-east Queensland.

“The buyers were looking for centres anchored by IGA, Woolies or Coles, along with specialty stores with long-term tenants,” he says.

The deal marks the continued flow of fresh capital into Gold Coast retail property, driven largely by interstate and overseas interests.

The city’s largest retail deal was struck earlier this year when Marina Mirage owner, Adelaide investor Con Makris, paid $65 million for the retail precinct at The Oracle in Broadbeach.

Jeans says most buyers with which he is dealing are hunting for properties from $2 million to $10 million, while there is also solid interest between $15 million and $25 million.

Bronberg Plaza, located on Slatyer Avenue, comprises 2418sqm of retail space, anchored by Super IGA and a 7-11 service station.

The centre is also tenanted by an Amcal Pharmacy, Mrs Flannery’s, Pizza Capers and Café Republic and is close to full occupancy with just one 69sqm vacancy.

The property has been sold by Brisbane-based KGS Holdings Pty Ltd.

Jeans says the sale highlighted a wider trend of investor appetite for Gold Coast commercial assets, particularly among Asian buyers.

“LJ Hooker Surfers Paradise has successfully tapped into the Taiwanese and Chinese outbound direct-investment market in Australia,” he says.

“My current client base is seeking to acquire retail property assets with a national anchor tenant with the potential of providing a sustained income and medium to long-term capital growth.

“These sophisticated buyers are looking at returns of 7.5 to 8 per cent.”

He says the softening of the Australian dollar also has helped boost interest.




Author: Nick Nichols

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter