Harbourside Markets bought for $7.25m by neighbour

THE owner of the Treasure Cove Super Centre at Biggera Waters has splashed out $7.25 million to acquire Harbourside Markets.

Harbourside Markets at Biggera Waters has sold.

THE owner of the Treasure Cove Super Centre at Biggera Waters has splashed out $7.25 million to acquire an adjacent property that in part hosts Harbourside Markets.

Gold Coast-based Singaporean Eric Tan, who bought Treasure Cove for $10.3 million in 2013, has acquired the 7382sq m site, at 610 Oxley Drive from company Harbourside Court.

The deal saw seller Harbourside Court, linked to Colomba Giufre and Alivio Rico Casagrande, take a loss on the sale having paid $8.95 million for the site in 2009.

Harbourside Markets, housed in a 1600sq m building on the site, was launched in 2012 to provide northern Gold Coast residents with an alternative to central-city gourmet food precincts such as Ferry Rd Market, in Southport, and Capri on Via Roma, in Surfers Paradise.

However the centre struggled to attract customers and a number of stores closed.

The latest sale was handled by Chris Louw, of NAI Harcourts Gold Coast, who marketed the property as a location for a medical services precinct with tenancies up to 272sq m. Mr Louw said residential growth in the area, including the Runaway Shores precinct beside the markets, has generated demand for medical facilities.

“The area has an expanding population and that is why we thought a medical services precinct would be a good idea,” he said.

“There is demand for medical centres.

“I thought I might attract a medical group to buy the site and develop a facility, but Mr Tan’s offer was the best.”

Mr Louw said Mr Tan has yet to formulate plans for the site but will likely link Harbourside and Treasure Cove.

“It makes sense. He will create an entrance from the property next door,” he said.