Harbour Town Premium Outlets is the latest major Gold Coast shopping centre up for sale
A third major Gold Coast shopping centre has been put to market, with a half-share in one of the city’s best-known malls being prepared for an intensive campaign launch. ALL THE DETAILS >>>
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A THIRD major Gold Coast shopping centre has been put to market, with a $360m half-share of Harbour Town Premium Outlets being prepared for an intensive campaign to launch as early as next week.
The Bulletin understands Lendlease, which manages the shopping centre’s owner Australian Prime Property Fund, is set to make a formal announcement to the market about offloading its 50 per cent stake in the popular Biggera Waters centre in the coming fortnight.
The news comes as owners of Broadbeach shopping icon Pacific Fair look to sell, while Westfield Helensvale shopping centre, and its surrounding swathes of valuable northern Gold Coast land, are also up for grabs.
Lendlease took its share in Harbour Town from 25 per cent to 50 per cent with an $180m purchase from Australia’s Future Fund in 2018.
Along with McVay Real Estate, CBRE has been appointed to the Harbour Town sale.
CBRE is also handling the sales of Pacific Fair, with Colliers International, and Westfield Helensvale.
Lendlease declined to comment on the sale, which has not been announced to shareholders.
In its half-year financials, the company attributed reduced earnings in its asset management business to lower retail leasing and asset management fees during the Covid-19.
In a market update Thursday morning, it downgraded its net profit guidance to between $375m and $410m amid ongoing “challenging operating conditions” associated with the pandemic.
A commercial agent with knowledge of the sector said competition for all three Gold Coast shopping centres centres was likely to be hotly contested.
“The market is really strong, there is so much capital seeking to buy yielding properties,” he said.
“It’s across all sectors – the demand is as strong as I’ve seen in decades.
“The buyers are fussy but they’re plentiful.”
The Gold Coast shopping centre sales are each likely to be among the top retail transactions in recent times, with the Pacific Fair transaction tipped to top $1.8bn, a potential Australian record.
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