Surf’s up for The Strand as Vinta seeks to sell retail centre

Vinta is looking to offload The Strand at Coolangatta. Picture: Supplied

Sydney-based developer Vinta is looking to offload The Strand at Coolangatta, with the centre that was in play for $200m six years ago, now billed as a unique lifestyle asset.

While Vinta held on to the asset in 2018, shopping centre values have since reset, but the area has taken off, with a series of high-rise towers being developed.

Gold Coast shopping centre assets have rarely traded, and few properties are now on the block, partly as values had slipped since the centre was last in play. Malaysian-backed group Mulpha also offered the Gold Coast’s Capri on Via Roma for sale this year, but it is yet to trade.

But the 30,000sq m mixed-use The Strand, between the famed surf breaks of Snapper Rocks and Kirra, is expected to win strong bidding.

Vinta has tapped JLL to handle the sale of the Gold Coast property.

JLL retail investments senior director Nick Willis said opportunities to acquire large-scale, dominant shopping centres in the heart of such precincts were rare.

There are only six institutional- grade assets in the Gold Coast’s core beach precinct, with the other five held privately by long-term owners and institutions.

“The Strand provides an opportunity for investors to acquire an asset set to capitalise on the outstanding population growth and surrounding gentrification of this world-famous location, just minutes from the airport and new luxury residential developments,” Mr Willis said.

The Strand is a multi-level entertainment and lifestyle destination and is integrated with the historic Coolangatta Hotel, which has operated since 1911. It is supported by dining venue, George’s Paragon.

There are 664 basement parking spaces for the centre, which is anchored by Woolworths and a new ­Cinebar cinema. It also houses the Boardriders flagship store, a waterfront dining precinct, and there is more than 8900sq m of commercial and office space.

JLL head of retail investments Sam Hatcher said southeast Queensland was experiencing unprecedented levels of demand due to demographic growth, and in anticipation of the 2032 Olympics.

The firm’s research showed the Coolangatta beachfront and surrounds included about 1300 existing residential units, and a further 2800 units were in the pipeline for the area.