Sunland’s Marina Concourse Sold by Kollosche Commercial
October 12 2022
Kollosche Commercial sales agents Adam and Tony Grbcic have sold the Marina Village Retail Precinct at Marina Concourse in a deal worth $16,780,000.
Marina Village is a modern lifestyle and commercial centre located at the heart of Sunland Group’s master-planned Marina Concourse precinct in Benowa on the central Gold Coast.
“The sale price represents a yield of 5.5% 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 “set and forget” income and opportunities to add value to the centre.
“This property is so 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 retail village comprises eight tenancies including a reputable home builder, childcare centre, swim school and a complimentary mix of retail and commercial tenants.
The sale included the marina within the estate, which could yield 90-100 marina berths or alternative commercial concepts, as well as excess land which could be developed into additional commercial office space.
“The rights to the marina open up the further potential to build a marina berth, 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 Sunland’s The Lanes Retail Precinct in Mermaid Waters in June, paving the way for the Gold Coast’s first retail resort.
Our team is working closely with buyers, sellers and commercial asset owners across the Gold Coast. Reach out if we can assist to meet your sales, leasing or property management goals.