HELENSVALE Square, a neighbourhood centre at 13 Sir John Overall Drive, has been snapped up by the Hope Island-based buyer in a $4.65 million deal.
On a 2782sq m site with 731sq m of net lettable area and 39 on-grade car parking spaces, it has sold with four of its six tenancies occupied.
Tenants include national veterinary chain Greencross Vets, Mind the Gap Denture Clinic, Physio-size, Helensvale Dry Cleaning and IRIS Imaging.
Steve Clark, from Colliers International, who marketed the property via an expressions of interest campaign with now retired colleague Brad Johnston, said the property provides a passing in come of $313,390.49 a year, equating to a 6.7 per cent yield.
The precinct last changed hands in 2003 for $2.6 million.
Mr Clark said there was strong interest in the complex, given the planned extension of the light-rail system to Helensvale to connect with Brisbane-Gold coast rail line.
“Helensvale is an active business hub with low retail vacancy rates and space is in high demand by retailers and professional services providers,” he said.
Mr Clark said the buyer has purchased other investments in the area and was attracted to the property due to its tenant mix and it’s location in a key northern Gold Coast growth precinct.
“Helensvale’s population is projected to grow by 38 per cent by 2036 and a future 2000-lot residential subdivision is planned for the area, as well as major infrastructure where the light- rail system will connect with the heavy rail line.”
Helensvale Square is in the town centre precinct, opposite the Coles-anchored Helensvale Plaza, Helensvale Tavern and the library.
It is within distance of Helensvale train station and Westfield Helensvale.
“It has always performed well in the past,” Mr Clark said.
“This will continue to be the case given the area’s forecast growth.”
Original article published at www.goldcoastbulletin.com.au by PHIL BARTSCH, Gold Coast Bulletin 24/6/16