Pavilions Palm Beach
6 Fifth Ave, Palm Beach, Palm Beach, QLD, 4221, AU
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