Gold Coast property: Former Burleigh Heads Bunnings shopping centre’s fate revealed
A Gold Coast site has been snapped up in the biggest shopping centre sale in Queensland in three years. Here’s what’s planned for the location.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
A Gold Coast firm has offloaded the former home of Burleigh Heads’ Bunnings for a $61 million profit in 18 months.
Gordon Corp, headed by Tim Gordon, has sold the Burleigh Home and Life site to an anonymous Gold Coast family for $72.5m, in what is the biggest shopping centre sale in Queensland in three years.
Property records do not reveal the family’s identity.
The retail precinct, next to Stocklands Burleigh Heads, was previously home to the area’s original Bunnings hardware chain and now houses a range of lifestyle shops, including Anaconda, Autobarn and Beacon Lighting.
The deal was cut by real estate agents Steven King and James Wilson, of Colliers International, in conjunction with JLL’s Jacob Swan, Sam Hatcher and Ned McKendry.
Mr King said the Gold Coast family beat out national companies to secure the 3.2ha site, which has 11,656sq m of rental space.
“It is incredibly exciting that a local family was able to fend off Institutional Capital after having been pipped on several occasions on similar offerings,” he said.
“The local family’s acquisition reflects the high quality of the development, and depth of capital targeting retail investments within the Gold Coast.”
The complex delivers a net annual income of $3.39m when fully leased.
Gordon Cop owned the site for less than two years after buying it for just $11.5m in November 2020 in a deal also done by Colliers.
It had previously been bought by German supermarket chain Kaufland during its brief attempt to expand into the Australian market.
Property records show the company lost more than $8.1m on the deal, having spent $19.7m to buy it in July 2018.
Mr Swan said the complex would be a good investment, given the global economy.
“It ticks the boxes in terms of internal investment parameters for many private and institutional investors who are looking to secure premium commercial assets in the Gold Coast market,” he said.
More Coverage
Proof the Aussie dream isn’t dead
Fresh government data has shined new hope on the great Australian dream, proving you can still buy a home in a popular city for under $1m.
Australia’s top singles suburbs revealed
Are you a single lady looking for love? Or a fellow ready to grow up from the bachelor life? Here’s where you need to go to be hit with Cupid’s arrow.