Hollywood Plaza in Helensvale on Gold Coast sells at auction for $4.673m
A Gold Coast shopping centre that was sold in March has opened the door for 'new opportunities'. FIND OUT WHAT'S PLANNED
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HOTELIER Steven Shoobridge in March succeeded in securing a buyer at his second go for his Hollywood Plaza shopping centre in Helenvale opposite Movie World.
Now he says change is on the way.
The 34-38 Siganto Dve property sold under the hammer at auction for $4.673 million following a successful campaign led by Colliers International’s Steven King and Ryan Chandler.
Mr Chandler said the buyer had assets in Surfers Paradise and was backed by offshore investors.
The sale reflected a passing yield of 6.91 per cent.
He said there was strong demand in the market for passive assets.
“I think … it represents a strong yield and what we have seen is … there seems to be a lot of noise in the market,” Mr Chandler said.
“There are a lot of people wanting to get their hands on investments.
“Now that this one is sold we have a big supply of buyers that are keen to go and explore other opportunities as they come up. It is a good market.”
Mr King said the sale campaign was a “litmus” test for the market.
“That is the first neighbourhood centre that has been offered to market for a really long time,” Mr King said.
“There have been a number of shopping centres with a-grade blue-chip tenants in place that have sold for much sharper yields.
“But a typical neighbourhood centre, there hasn’t been anything like this for quite some time.
”Based on today we are in a much stronger market than where we were two years ago.”
Mr Shoobridge, who first listed the centre for sale in 2020, turned to Mr Chandler in March 2020 to launch a new leasing campaign for the centre.
Mr Chandler negotiated new leases for a number of tenants including Reinvigr8 Health and Fitness.
In the wake of those deals Mr Shoobridge, who acquired the 3485sq m property for $3.7m in 2006, decided to list the plaza for sale again.
Mr King said the seller’s focus was on pubs and bottle shops with Hollywood Plaza a “side investment”.
Hollywood Plaza wasn’t the only retail asset that sold at auction in March.
A building at 34-36 Kortum Drive in Burleigh Heads tenanted by Fantastic Furniture and Massage Schools of Queensland sold for $9.0005 million.
A final increment of an additional $500 managing to secure the property for the successful buyer.
For most of the auction two interstate parties vied to buy the asset, repeatedly increasing their offers in $1000 increments.
The Kortum Drive seller was Cheoy Lee Yachts Australia Pty Ltd, associated with Adrian Alle, which paid $8.55 million for the asset in 2014.
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