JLL in conjunction with McVay Real Estate, has been appointed to sell what is arguably the Gold Coast’s best mixed-use property, The Oasis Broadbeach in the vibrant heart of Broadbeach. The area has transformed over the years and now includes a bustling dining and cafe precinct attracting both locals and tourists. The sale process will be led by JLL’s Heads of National Retail Investments, Sam Hatcher and Jacob Swan.
Famed on the Gold Coast, The Oasis Broadbeach is a world-class mixed-use development with 24,399m2 of Gross Lettable Area (GLA). Originally constructed in 1989, the property has recently undergone substantial renovations which were completed in late 2018.
JLL’s Jacob Swan said, “The evolution of Oasis @ Broadbeach under the ownership of Abacus and KKR has created a truly unique, mixed use community, commercial and leisure centre, underpinned by some of Australia’s strongest consumer brands.”
The three-level centre features 16,909m2 of convenience and food and beverage-based retail, 7,490m2 of quality commercial space, and 998 car spaces with an additional 100 car spaces via a leasehold arrangement with Gold Coast City Council.
“We’re seeing more opportunistic and value-add investors seeking opportunities in the retail sector given the relative value to other core property sectors. While the volume of transactions has fallen in 2019, investors are still keen pursuing retail assets that have clearly defined growth drivers such as a tourism, residential population growth or a mixed-use component. The low AUD is driving inbound tourism and supporting retail spending in Broadbeach, among other key tourism locations”, said Swan.
JLL’s Sam Hatcher said, “With diversified and strong performing income streams across retail, office, entertainment, health and wellness and car parking, The Oasis Broadbeach has positioned itself as the focal point of the Broadbeach community and the wider Gold Coast tourism market and we expect interest nationally and from international parties.”
“It is a highly unique, multi-faceted property, with further value add opportunities available. Significant recent capex and a strategic tenant mix, together with the secure WALE will undoubtedly make this a highly sought-after investment”, he continued.
Broadbeach has emerged as an accessible, family friendly hub for residents and holiday makers and boasts a large inventory of independent serviced apartments as well as branded hotels such as Sofitel, Peppers, Meriton, Mantra, Avani and, of course, The Star Casino, as well as the super regional shopping centre AMP Capital’s Pacific Fair located opposite Oasis.
Hatcher said the area was also experiencing a significant wave of residential apartment development. “With nine projects totalling 1,288 apartments either approved or under construction, Broadbeach is set for a notable increase to its population, further adding to its desirability as a location in which to hold significant property.”
“In addition, Destination Gold Coast has released the June 2019 Quarter Tourism Data which overwhelmingly supports retail expenditure within the region. The report highlights total overnight visitation and total overnight spend within the Gold Coast are up to a record 4.2 million visitations (+18.5% p.a.) and $4.8 billion p.a. (+22%) respectively.”
The Oasis Broadbeach is formally offered for sale via an Expressions of Interest campaign closing a 4pm (AEDT) Thursday 7th November 2019.
