QIC sells Robina Home + Life centre on Gold Coast for $66m to Primewest

Property fund manager Primewest has snapped up the Robina Home + Life complex from Queensland Investment Corporation for $66 million.

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PROPERTY fund manager Primewest has snapped up the Robina Home + Life complex from Queensland Investment Corporation for $66 million.

It is the third major deal struck by QIC in less than six months following the sale of the Bunnings Robina store, adjacent to Home + Life, in December for $28.05 million and Coomera Town Centre South for more than $30 million in January.

Robina Home + Life, which features 13 large format retail tenancies and a cafe, will anchor the new PW Large Format Retail Trust No.2.

Primewest executive chairman John Bond said the LFR sector was appealing due to its growth during COVID-19.

Home + Life Centre Robina. Photo: Scott Powick

“Robina Home + Life is at the epicentre of the rapidly expanding Robina community which will benefit from more than $17 billion worth of planned investment in the immediate Gold Coast vicinity,” Mr Bond said.

“The centre will anchor our second LFR Trust with its excellent profile and trading history as well as blue-chip tenants in place to provide significant capital growth as well as strong returns.”

Robina Home + Life spans 14,782sq m and is anchored by Nick Scali and The Good Guys.

The deal was negotiated by Peter Tyson, Jon Tyson and Steve Lerche of Savills Australia and Jacob Swan, Sam Hatcher and Nick Willis of JLL.

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