Instrasia Oxley spend $23 million on Gold Coast shopping centre

An investor has sold the Metro Markets shopping centre in Biggera Waters on the Gold Coast to fund manager Intrasia Oxley RE for $23.05 million.

The 33 Hollywell Road mall is anchored by Drakes Super IGA and has 34 speciality stores and five offices.

There is a total of 6,980 square metres of lettable space.

The centre, which has potential for further high-density development, has an average lease length of 5.9 years with a net income of $2.757 million per year.

The deal was brokered by Will McVay at McVay Real Estate at 8.36 per cent yield.

Meanwhile Beerwah Marketplace & Village, on the Sunshine Coast, has been announced for sale, by Jacob Swan and Sam Hatcher of JLL.

Recent JLL Research recorded a decline in the average South East Queensland vacancy rate (for specialty retail stores) from a high of 5.5% in Q4-2011 to just 3.9% in Q4-2014.

The decline in vacancy has been particularly notable in the sub-regional and neighbourhood shopping centre sectors. 

Average specialty rents have now stabilised in this sector.

Beerwah Marketplace & Village is a triple anchored sub regional shopping centre comprising Woolworths Supermarket (3,059 square meters), IGA Supermarket (2,482 square meters) and Target (1,201 square meters), two mini majors, 34 specialty stores, one kiosk and a Caltex Woolworths petrol station with a total centre gross lettable area of 11,091 square meters, serviced by 448 at-grade car bays.

Expressions of Interest close 16 April.