Homemaker centre’s $265m sale is one of Australia’s biggest LFR deals
A high-net-worth private investor has paid $265 million for a Queensland homemaker centre in one of biggest sales in Australia’s hot large format retail sector.
The sale of Homeworld Helensvale in the Gold Coast’s northern suburbs sets a record for a Queensland LFR deal and is the second largest nationally.
The large format and daily needs centre spans more than 36,000sqm on a 20.3ha site, which includes 7.3ha of vacant land earmarked for development.
Colliers and Stonebridge said the invitation-only international expressions of interest campaign attracted substantial interest from domestic and offshore groups including high-net-worth private investors, institutional groups and investors.
The identity of the buyer has not been revealed but is reported to be an international investor linked to privately-owned Australian property company Shayher Group.
A high-net-worth private investor bought Homeworld Helensvale, which sits on a 20.3ha site in the Gold Coast’s northern suburbs. Picture: Supplied by Colliers
Colliers’ Lachlan MacGillivray, who managed the EOI campaign with colleague Stewart Gilchrist and Stonebridge’s Philip Gartland, said Homeworld Helensvale is in a prime position to take advantage of strong household spending and demand from consumers post lockdowns.
“Continued work from home and a reduced supply in the residential market has also boosted key large format retail categories, with many outperforming broader retail sales growth,” he said.
The LFR sector has performed strongly during the pandemic, as the home improvement trend and strong renovation activity drove up demand for household goods like hardware, furniture and electronics.
Mr Gartland said LFR has been one of the most resilient asset classes during the Covid pandemic, with probably the strongest yield compression of all the retail sub-sectors and average gross face rents having remained stable over the second quarter of this year.
“Over the past few years, changing consumer behaviours and planning flexibility has allowed the tenancy mix within LFR centres to evolve to suit both retailers and customers alike from both a convenience and flexible trading hour perspective,” he said.
“Homeworld Helensvale is a very strong example of this evolution.”
The large format and daily needs centre includes health and medical services. Picture: Supplied by Colliers
Tenants at the centre, which opened in 2008, are a mix of large format and convenience retailers, health and medical services, dining, lifestyle and daily needs retailers. It has 35 national anchor tenants including Fantastic Furniture, OZ Design Furniture, The Good Guys and JB Hi-Fi.
A portion of the vacant land adjacent to the centre has preliminary approval for showroom, retail, medical and indoor recreation and offices.
Approval has also been granted for high-density residential, hotel and retirement living, the agents said.
One of Australia’s biggest homemaker centres is also up for sale – the 52,138sqm Crossroads Centre, which sits on a 14.3ha site in Casula in south-west Sydney. That sale is being managed by JLL and Stonebridge.
