Benowa Village Shopping Centre, Gold Coast, listed for sale

Benowa Village Shopping Centre on the Gold Coast is on the market through an expressions of interest campaign closing 5 October.

Coles Supermarkets Australia listed the property through JLL.

The centre was built in 2016 and features a Coles supermarket, McDonalds drive through, Coles Express service station and 13 specialty stores.

Sam Hatcher, JLL Director of Retail Investments said the centre contains the largest supermarket in the Main Trade Area, allowing it to capitalise on the considerable forecast population growth and retail expenditure in the trade area.

“We see growth in the retail spend and rental profile being realised through a large population of almost 41,000 in the Main Trade Area, projected to grow strongly at 1.5 percent to just under 50,000 persons by 2030,” he said.  

“ The Gold Coast has traditionally had an undersupply of full line supermarkets; as prime development sites have been absorbed by high density residential developments. This further highlights the dominant outlook for Benowa Village.”

JLL’s Jacob Swan said that neighbourhood shopping centres remained tightly held with only 28 transactions recorded nationally in 2017 to-date (totaling $893 million), compared with 65 in 2016 ($1.6 billion).  

“Queensland has had a disproportionately high level of activity relative to the other states," he said.

"Interestingly, of the 28 neighbourhood shopping centre transactions that have occurred this year, 14 have been in Queensland compared with only nine in Sydney and just four in Melbourne, highlighting investor confidence within Queensland’s retail market. 

“Given the shortage of available investment opportunities in New South Wales and Victoria, interest in Queensland assets has grown significantly.

"There is strong pent-up demand for prime neighbourhood centres so we anticipate considerable domestic and offshore interest for this centre.”