Marina Concourse Retail Village Sold
November 22 2022
The Marina Concourse Village Retail Precinct, one of the last remaining Queensland property assets to be released by Sunland Group, has been sold in a deal worth $16,780,000.
“The sale price represents a yield of 5.5 per cent, which is a positive price result,” says Adam.
“A national marketing campaign attracted healthy interest in what is a safe asset with key anchor tenants on long lease periods.”
An expression of interest campaign attracted 168 enquiries from interstate and local investors who understood the value of the asset and the central location.
The buyer is an experienced local investor with several residential and commercial freehold investments on the Gold Coast, who was drawn to the centre’s “set and forget” income and the opportunities to add value.
The retail village comprises eight tenancies, including a reputable home builder, childcare centre, swim school and a complementary mix of retail and commercial tenants.
“This property is unique,” says Adam. “There is a rare mix of tenancies, so there was no real precedent for this property. A large portion of the precinct is occupied by purpose-built tenancies.”
The sale included the marina within the estate, which could yield 90-100 marina berths or alternative commercial concepts, as well as excess land that could be developed into additional commercial office space.
“The rights to the marina open up the further potential to build marina berths, a floating restaurant or activate the water with recreational watersports,” says Adam.
The Marina Village Retail Precinct sale forms part of a major rationalisation by ASX-listed developer Sunland Group, which is scaling back its Queensland property portfolio.
Kollosche Commercial facilitated the $45,800,000 sale of The Lanes Retail Precinct in Mermaid Waters in June, paving the way for the Gold Coast’s first retail resort.
Mega Month for Team Grbcic
The team’s success was recognised at Kollosche’s Quarterly Awards last month with a rap for the Highest Number of Sales and the Highest Gross Commission Income for Q3.
“In the past two years, Team Grbcic has completed three sales worth over$40,000,000 – that’s an exceptional achievement and reflects their dedication to service and results.”
Exceptional organisation, team support, and service saw Hannah Delre named Client Service Manager at the quarterly awards, while Jack Brinsmead was commended for his role in a string of unconditional deals across the quarter.