6 Fifth Ave, Palm Beach Palm Beach QLD 4221
- Shop & Retail
- 6,804 m²
- For Sale, Contact Agent
FOR SALE | Pavilions Palm Beach
JLL and CBRE are pleased to offer for sale Pavilions Palm Beach, a pure convenience neighbourhood shopping centre situated in the heart of Queensland's premier Gold Coast tourist destination.
For Sale Individually or 'In-One-Line' with 'The SEQ Neighbourhood Retail Collection' via Expressions of Interest campaign closing Thursday 1st September 2022 at 4pm (AEST).
Anchored by a strong performing Coles supermarket currently trading at $12,750/sqm -representing 4.5% YoY growth. The asset is predominantly supported by an 8.0 year WALE (by area) and a favorable net lease structure, in addition to the majority of tenancies benefiting from strong fixed annual reviews between 3% - 4%.
DAILY NEEDS FOCUS
Pavilions Palm Beach offers high exposure to non-discretionary and daily needs retailers, underpinning 83% of total centre GLA.
The asset resides on an expansive 9,817sqm site with exposure to four street frontages, including 60m frontage to the major Gold Coast Highway.
EXTENSIVE CAPEX PROGRAM
Pavilions Palm Beach has undergone an extensive capital expenditure program over the last 3 years. In 2019, the state of-the-art Coles doubled in size, with several specialty stores back filling the supermarket's former space. The fully leased nature of the centre^ solidifies the strength and functionality of the asset.
The sites 'Centre Zone' classification provides the ability to build up to 39 metres (STCA). Subject to Town Planning Approval, an opportunity exists to add a multi-level mixed-use development above the Coles tenancy up to potentially 11 levels.
The asset resides in the heart of one of Australia's most highly sought after coastal catchments experiencing record levels of residential growth.
All information is approximate and as at 1 December 2022
^all major and specialty tenancies are fully leased, with potential for additional leasing upside via kiosk income