The Piazza: Future of Varsity Lakes shopping complex revealed
The future of a fully leased shopping centre in the heart of one of the Gold Coast’s business districts is on the line. FIND OUT MORE
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A fully leased shopping centre in the heart of the Varsity Lakes business district is on the market, with its owner in line for a significant income.
The Piazza, on Varsity Parade, is being sold through an expression of interest campaign being managed by CBRE Metropolitan Investments.
The 1059sq m complex is home to 12 tenants, including food, health and beauty services, as well as office space.
CBRE managing director Mark Witheriff said The Piazza had a “rich history of strong tenant retention and trading”.
“228 Varsity Parade represents a rare opportunity to acquire a trophy retail asset in one of the Gold Coast’s most vibrant business districts,” he said.
“Its strategic location and strong tenant mix make it an attractive investment for discerning buyers.”
Mr Witheriff said the centre was “strategically situated in a high-growth business and lifestyle precinct of Varsity Lakes between Bond University and Varsity College” and generated a net annual income of more than $590,000.
“The Gold Coast investment market continues to thrive, driven by a growing economy, resilient job market and the resurgence of tourism post-pandemic.
“These factors, along with significant infrastructure investments, have spurred demand for commercial real estate, resulting in rising property values and heightened investor interest.”
The building was part of the significant development of the area in the 1990s and early 2000s as Varsity Lakes grew around the thriving education facilities.
The idea to create Varsity Lakes, from the housing development of the same name which was built by Delfin and the suburbs of Stephens and Andrews, came from the Department of Natural Resources in 2001.
It was believed there were too many suburbs and the city would be better served by smaller areas being consolidated.
It eventually grew into one of the city’s thriving business centres.
CBRE agent Nick Kennedy said Varsity Lakes’ business precinct offered a strong return for investors.
“This property offers a secure, fully leased and high-growth income profile, with annual rent reviews of 3 per cent to 4 per cent,” he said.
“The 60m street frontage, secure parking and signage generate high amounts of foot and vehicular traffic from customers seeking a diverse mix of food and beauty offerings.”
The expression of interest campaign closes on February 20 at 4pm.
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Originally published as The Piazza: Future of Varsity Lakes shopping complex revealed
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