Mulpha sell off Capri on Via Roma on the Gold Coast in $85.5m exit
Capri on Via Roma. Picture: Supplied
Malaysian-backed Mulpha has struck a deal to sell Gold Coast shopping complex Capri on Via Roma to a private company with ties to the area.
The $85.5m sale comes as the retail property scene picks up, with buyers betting that lower interest rates will see capitalisation rates steady and spending pick up.
Capri on via Roma sits at a gateway location on the footsteps of Surfers Paradise and has an 11,280sq m land holding; the buyer will also pick up a 583sq m marina.
The Gold Coast shopping centre, which houses one of Harris Farm’s most deluxe flagship shopping outlets, was bought by Mulpha for about $70m in 2022.
The property sits on the Isle of Capri, one of the Gold Coast’s most prestigious neighbourhoods, near the Surfers Paradise city centre.
The directors and substantial shareholders of the buyer, Capri Holding GC Pty Ltd, are Thi Tam Tran and Thao Thu Hoang Hguyen, were born in Vietnam but reside on the Gold Coast. The centre was also looked at by tycoons Bob Ell and John Van Lieshout, industry players said.
The neighbourhood and lifestyle centre spans a lettable area of 6780sq m over three modern buildings. It had a secure income profile with growth potential including a 5.4-year Weighted Average Lease Expiry by area.
The centre has a large and growing catchment with more than 364,000 people residing within a 20-minute drive, expected to increase to 471,659 by 2041, at a growth rate of 1.4 per cent per annum.
Southeast Queensland is rapidly becoming a key domestic and offshore investment focus with a strong economic growth trajectory on the back of the significant infrastructure pipeline associated with the 2032 Brisbane Olympic and Paralympic Games.
The Gold Coast is benefiting from planned infrastructure projects including the Gold Coast Light Rail extension, the M1 Pacific Highway expansion and the Faster Rail Project.
