Shopping centre sale: Pacific Pines Town Centre on Gold Coast sells to PGA Group for $30.81M

A Melbourne investment group has snapped up a Gold Coast neighbourhood shopping centre — its second buy in the past seven years.

The Pacific Pines Town Centre has sold.

MELBOURNE-based PGA group of companies has snapped up the Pacific Pines Town Centre for $30.81 million.

The group, which purchased the Hope Island Shopping Centre for $25.4 million in 2012, bought the Woolworths-anchored centre at 1 Pitcairn Way from a Stockland trust. The sale settled last month.

Pacific Pines Town Centre opened its doors at the end of 2003 after being developed by Stockland as part of its Pacific Pines estate.

It is situated on a 2.6ha parcel of land and has a gross lettable area of 5515sq m, returning annual income of $1.876 million fully leased.

The Pacific Pines Town Centre has sold.

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The centre has 11 specialty stores, including BWS and Baker’s Delight, a medical centre and gym.

It is close to fully leased with one 85sq m vacancy available and has parking for 352 vehicles, including 116 covered bays.

Stockland owned the centre through its SDRT1 fund and carried a $28.3 million book value for the centre. The mall made up 32 per cent of the fund’s total gross assets.

The centre is PGA’s second retail centre purchase after the Hope Island Shopping Centre.

That property, at 8-10 Santa Barbara Rd, was sold by Recurring, linked to Sydney businessman James Fleming, which paid $17.9 million for the asset in 2005.

The centre was developed by Island Developments and Sandford Amber, companies linked, respectively, to Richard and Peter Szental and Michael and Miriam Lasky, after the land was bought from Hope Island Resort Development Corporation in May, 2000.

PGA’s other assets include an office tower at 40 Creek St, Brisbane and a 14-level office building at 99 William St, Melbourne.

The company, which is led by executive chairman Peter Gunn, started in 1969 when it was known as transport service business CUBICO and has had significant involvement in the transport and logistics sector.