Investors tipped to swarm Currumbin retail hub

A retail precinct adjacent to the scenic Currumbin Creek on the Gold Coast that is also home to one of Australia’s top award-winning restaurants will be put to public auction next month.

The entire retail component of the mixed-use development known as Oceanwalk Plaza, at 3 Thrower Drive, Currumbin, is expected to drive a flurry of investor interest before being offered for sale by auction on October 14.

Oceanwalk Plaza comprises 26 apartments in a midrise residential development, together with a mix of three food offerings, including the award-winning Allure on Currumbin restaurant, along with a traditional takeaway seafood outlet and a Japanese teppanyaki restaurant.

The retail precinct is anchored by the highly acclaimed Allure on Currumbin restaurant, which was recently voted the second best restaurant in Australia in the Travelers’ Choice Awards by travel website TripAdvisor – second only to celebrity chef Shannon Bennett’s Melbourne restaurant Vue De Monde.

Knight Frank Gold Coast director of commercial sales and marketing agent James Branch says the retail precinct is likely to attract interest from a broad range of self-managed super funds and private investors across the country.

Oceanwalk Plaza sits directly opposite Currumbin Creek

He says similar retail properties in the area are achieving yields ranging from 5% to 7%, with Oceanwalk likely to achieve a yield of at least 6%.

Knight Frank Gold Coast joint managing director Mark Witheriff says recent activity in the retail strata market supports the decision to offer the property now.

“We have seen the sale of a number of properties in the immediate vicinity, such as Burleigh Heads and Palm Beach, which have attracted aggressive bidding by potential purchasers,” he says.

We recently took a larger retail property in the area to market and were surprised by just how strong the level of interest was. I would expect Oceanwalk Plaza to reflect that as well

“Given that the property has a combined net income of $169,534 and will be offered for sale either in one line or as three separate offerings, we are confident that the campaign will find investors that this property will ideally suit.”

Branch says the retail precinct is highly desirable as it is 100% let, with all of the businesses trading well, including Allure on Currumbin, which has recently signed a five-year lease.

“We recently took a larger retail property in the area to market and were surprised by just how strong the level of interest was. I would expect Oceanwalk Plaza to reflect that as well.”

Oceanwalk Plaza will be offered for sale in one line or as individual offerings by way of public auction on October 14.