Gold Coast business: Ormeau Town Centre for sale

AN Ormeau shopping centre with a Drakes Supa IGA, Domino’s Pizza and Snap Fitness could be about to get a new owner.

The Ormeau Town Centre.

AN Ormeau shopping centre with a Drakes Supa IGA, Domino’s Pizza and Snap Fitness could be about to get a new owner.

The Ormeau Town Centre has been put on the market with the original owner having developed the retail precinct over the last two decades.

Located on Peachey Rd the land has been in the hands of a Brisbane family since April, 1997 after it was purchased for 375,000.

An aerial image of part of Ormeau taken in June 2017. Picture: Nearmap.

CBRE Queensland Retail Investments director Michael Hedger told the Gold Coast B ulletin the retail investment was in a “high growth corridor” in the city’s north.

He said the 3076sq m convenience centre was anchored by a “strong performing” Drakes supermarket with 78 per cent of the centre underpinned by national retailers that have leases between five and 10-years.

“The vendor has either developed or sold land to accommodate the growth of the immediate retailing precinct and has become the dominant hub of the Ormeau trade area,” Mr Hedger said.

“It has been a project of his for over 20 years.”

Mr Hedger said the fully leased net income of the centre was $1,198,017 per annum.

Ormeau Town Centre is located at 29 Peachey Rd, Ormeau.

The closing date for sale by expressions of interest is November 23 at 4pm (AEST).

Interested parties should contact CBRE’s Michael Hedger on 0488 059 009 or Joe Tynan on 0422 050 338.