Surfers Paradise retail and dining hub hits the market
A prime retail, dining and lifestyle hub on the Surfers Paradise waterfront is on the market.
The Capri on Via Roma centre lies just across the water from the Surfers Paradise CBD and features an artisan market hall, riverside dining with marina access, convenience and services retailers and an office precinct.
The complex opened just five years ago and has a gross lettable area of almost 6700sqm, as well as car parking for 256 vehicles.
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When fully leased, it draws annual rent of $3.1 million.
The property is positioned close to the Surfers Paradise CBD.
Stonebridge Property Group’s William Blanch, who is marketing the centre with Stonebridge director Phil Gartland, says
“The centre’s unique and hand-picked tenancy mix of day and night retailers, waterfront position and excellent parking provision ensures it has considerable attraction to local and wider residents, tourists and office workers located on-site,” Blanch says.
“With a dynamic mix of waterfront dining with marina access, artisan market hall, boutique retail, services and professional suites, Capri on Via Roma embodies the future of award winning Australian retail.”
Capri on Via Roma has more than 250 car parking spaces.
Gartland says the property has further scope for financial growth.
“The investment fundamentals of Capri on Via Roma are exceptionally strong, with a large and highly affluent trade area, strong WALE of 4.9 years (by area), 10.0% average specialty occupancy costs and a history of strong tenant retention,” he says.
“The asset has multiple levers for income growth, including fixed rental growth provisions, potential cost savings and multiple value-add opportunities.”
Capri on Via Roma is for sale through expressions of interest, with close on May 16.
