Helensvale Convenien, 1-9 Lindfield Road,
Helensvale, QLD 4212

1126 square metres of lettable area spread across 15 tenancies. All secured under one title on a significant land offering totalling 4782 square metres. The development was completed circa 1984 and comprises four buildings, one of which is two level. It is of a functional design and there is an additional ground lease for a communication tower. There is adequate on-site bitumen sealed carparking and good access provided via three entry points, off Discovery Drive and Lindfield Road with the land use classification of “Local Business” domain.
Of the 15 shops a notable vacancy has been created following the closure of the majority of restaurant businesses from the complex. This has left 8 vacant tenancies and the landlord is currently working hard with its managing agent at re-tenanting the centre towards capacity. This has created an opportunity for a changing of the guard or redevelopment by a suitably targeted incoming owner. The income nevertheless remains at an attractive $214,882 per annum plus some $60,297 outgoings recovered (2019-2020 FY audited). Fully tenanted the complex proposes a total income of $475,000 or greater.
While this complex is not for the faint hearted the upside potential is such that a measured investor can realise a substantial windfall gain through any number of possible strategies. As the listing agent towards this sale our realisation is that the complex is to be sold with our office as exclusive agent and our hard working, experienced team are available to guide your investment realisation through the purchase phase and hopefully on to future success. We welcome inquiries and have further information at the ready to provide you the necessary resources to make an informed decision. We look forward to receiving your inquiry.

• Central Gold Coast “Local Business” domain zoning
• Large land offering across 5 blocks and 4782 square metres
• Built size of 1126 lettable area in fair condition
• 15 tenancies 7 active returning $215,000 annually
• Projected fully capitalised income of $475,000
• Motivated overseas vendor selling via expression of interest offers

Tenancy Overview

Helensvale Convenience Centre is a well established community retail hub. The council classification “Local Business” domain has the stated purpose to ensure that local business centres provide opportunities for local community interaction and a sense of place and identity. It seeks to provide for a wide variety of activities including retailing, office uses, personal services entertainment and recreational activities, without changing the function or the predominant local service orientation of the business centre.
The existing tenancy mix of the complex reflects upon the needs of the local community. The majority of tenants have had existing leases in place prior to the present incarnation of the lease term. The Pool Centre for example has been in operation since at lease the 1st of October 2007 that our records have uncovered. The hairdresser and real estate office have occupied the site since at least 2008. Monetary rental rates between tenants within the Helensvale Convenience Centre varies principally due to differences in exposure attributes and also different types of tenants have varying capacity as to the level of rental they can afford depending upon there business activity. For instance, the butcher pays a rent that is higher than the asking rate for the current vacant space.
We have endeavoured to provide rental evidence of similar shopping centres located in residential areas that caters to the shopping needs of the local residents. The rental evidence suggests that shop units with direct or setback road frontage exposure are likely to command rental rates from $340 to $410 psmpa gross. The real estate office, hair salon and Family Barber are inline with this level and consequently have been used as the base for ascertaining the fair rent for other tenancies. Food outlets have been hard hit by the COVID-19 pandamic and many have closed there doors. We believe it will be a process for these premises to be reoccupied and believe a conservative starting point would be $300 psmpa in order to attract suitably capable and experienced operators to begin trading as the economy recovers.
The prime tenancies in the complex together with the real estate office; notwithstanding, based on the current rates for the shops on Lindfield side, we have applied a rental rate of $315 net of outgoings as the current rental expectations would seem to have contributed to the state of vacancies. Re-tenanting the property to 100% capacity, while a challenging task is certainly not unattainable for an experienced, professional and tenacious property manager if coupled with a progressive owner with a long term view for the complex.
The rental evidence also demonstrates that the small convenient stores in similar complex have leased for between $284 and $324 psmpa gross and the rental rate of Spar Express at $315 should be attractive enough we hope to draw a major operator. The rental evidence for medical related premises in local shopping centres supports a rate psmpa between $407 and $492. The rate depends on the size of the premises which in turn relates to the number of consulting rooms and the number of practitioners allowed. Furthermore it is more difficult to find another doctor to practice due to existing centres at 107 Mildura Drive, Sir John Overall Drive and in Westfield Helensvale providing strong competition. A redevelopment of the site towards a specialist centre could result in rates of $400 psmpa gross and above.
We trust this document and our discussion can be of assistance in your considerations towards the purchase of this wonderful complex.