McVay Real Estate have been exclusively appointed to market for sale the 100% interest in Queen Street Village via an Expression of Interest campaign.
Queen Street Village represents a rare opportunity to acquire a new-build, sub-regional centre positioned on a large 1.9 hectare landholding. The 13,071m2 centre provides exceptional income security with 94% occupancy, a 10.2 year WALE and an 82% national tenant representation.
The asset is anchored by a strong performing IGA and the Gold Coast’s only Dendy Cinema, alongside five mini majors, 31 specialties and three freestanding tenancies leased to Guzman y Gomez and Oporto and The Queen’s Arms Hotel.
Queen Street Village is located in Southport, the Gold Coast’s main administrative hub, and holds a prominent street frontage on both Nerang and Queen Streets. The site was formerly occupied by the Gold Coast Hospital before its relocation and redevelopment. The Nerang Street light rail stop is conveniently located immediately in front of the centre, enabling easy access to the Gold Coast University Hospital and Broadbeach.
The Gold Coast is Australia’s sixth largest city, with a current population of 640,000 which is expected to increase to 983,000 by 2046. Growth will come from new greenfield development in the northern suburbs, as well as significant infill development in established suburbs such as Southport. The Centre’s main trade area extends to the northern part of the Gold Coast and encompasses an expansive population of over 141,000 people.
Sam McVay said: “Newly built sub-regional shopping centres in densely populated areas on Australia’s East Coast are exceedingly rare, given land and feasibility constraints. Long term supply constraints will limit future competition and ensure strong future performance for existing assets.”
“Queen Street Village is the most recent sub-regional centre completed in SEQ and has been built to an exceptional level of specification. This ensures minimal medium-term capex and substantial depreciation benefits.”
Dan McVay said: “Unlike many sub-regional centres, Queen Street Village has no short-term expiries and a long WALE of over 10 years. It delivers security of cash flow, growth via the burgeoning trade area and a substantial 1.9 hectare landholding all in one package.
“The Gold Coast region has one of the strongest growth stories in Australia. The infrastructure drive in the lead up to the Brisbane Olympics, coupled with an above average population growth rate will deliver exceptional retail expenditure growth that Queen Street Village will directly benefit from,” he said.
