A Lendlease retail fund has boosted its share of Harbour Town Gold Coast to 50pc after a $180 million deal with the Future Fund

The retail fund of a major property group has snapped up an extra 25 per cent ownership of one of Australia’s top outlet centres in a major growth precinct.

Harbour Town Gold Coast.

A QUARTER share in one of Australia’s best performing retail hybrid outlet centres and been snapped by a retail fund managed by one of Australia’s largest property groups.

The Lendlease managed Australian Prime Property Fund Retail, an existing co-owner. paid $180 million for a 25 per cent interest in Harbour Town Gold Coast that was owned by Australia’s Future Fund.

JLL’s head of retail investment — Australasia Simon Rooney said strong performing assets with good retail fundamentals were still achieving significant premiums and very strong pricing.

“There is a limited pool of quality outlet centres in Australia, so the opportunity to acquire a high-performing asset within this defensive sub-sector, like Harbour Town Gold Coast, is limited,” he said.

“The discount nature of the asset class means these centres can be counter cyclical. They can achieve resilient sales growth even when household discretionary spending capacity is under pressure.”

It is understood the deal realised a yield of under 5 per cent.

The 55,225sq m Harbour Town Gold Coast has 240 specialty tenancies.

While the Lendlease fund now has 50 per cent of the centre the remaining 50 per cent of the centre is owned by the Lewis Land Group.

The centre will open the new $28 million Harbour Town Eats redevelopment on Friday.

The development will bring a new range of food and beverage retailers into a vibrant outdoor setting anchored by Readings cinemas in time for the busy Christmas trading period.