Stonebridge’s Philip Gartland and Carl Molony, alongside McVay Real Estate’s Sam McVay and Dan McVay, have been exclusively appointed on behalf of Mulpha to market for sale of the Gold Coast’s trophy lifestyle investment, Capri on Via Roma.
Capri on via Roma is occupies a high exposure and gateway location on the footsteps of Surfers Paradise, the Gold Coast’s primary residential and commercial hot spot and one of Australia’s most renowned tourist destinations. The centre occupies a significant 11,283m2 land holding, with opportunity for an incoming purchaser to acquire 2,888m2 of surplus land adjacent to the centre, zoned medium density residential with concept schemes for 11 townhouses, subject to Council approval.
The neighbourhood and lifestyle centre has a lettable area of 6,780m2 expanding across three buildings. The centre is anchored by the Gold Coast’s only Harris Farm Markets, complemented by one mini-major, Social Remedy, 24 specialty stores including a vibrant artisan market hall, day and night dining, boutique retailers, five kiosks and 18 professional suites and centre occupancy rate is at 99% by area. The centre boasts convenient at-grade and basement car parking for 256 vehicles plus an additional 81 spaces on the surplus land.
Capri on Via Roma features a secure income profile with growth potential including a 5.4 year Weighted Average Lease Expiry by area and an outstanding 95% of the base rent is growing with a weighted average annual rent review of 3.4%.
Carl Molony from Stonebridge commented on the asset’s defensive and growing income stream stating: “Approximately 83% of specialties were leased prior to Harris Farm commencing trade in June 2021, paving the way for significant rent growth upon lease renewals.”
Harris Farm Markets is an Australian privately owned specialty grocery store with more than 30 stores predominantly in NSW. Following the opening of two stores in Brisbane, Capri on Via Roma became the third Queensland store.
Capri on Via Roma caters to a main trade area eight times the size of an average trade area population of a single supermarket based shopping centre, representing the immense pull of Harris Farm and the centre’s unique tenancy mix. The centre benefits from a large and growing catchment with more than 364,000 people residing within a 20-minute drive, expected to increase to 471,659 by 2041, at a growth rate of 1.4% per annum.
Capri on Via Roma is being offered to market via an Expressions of Interest Campaign
South East Queensland is rapidly becoming a key domestic and offshore investment focus with a strong economic growth trajectory. The 2032 Brisbane Olympic and Paralympic Games has resulted in a significant infrastructure pipeline, with the Gold Coast benefitting from planned major infrastructure projects including the Gold Coast Light Rail extension, the M1 Pacific Highway expansion and the Faster Rail Project between Gold Coast and Brisbane.
Additionally, the Isle of Capri bridge, located less than 200 metres from the centre was upgraded in 2022, with major benefits for Capri on Via Roma by maximising exposure and accessibility, with capacity for approximately 25,000 daily passing cars.
Philip Gartland of Stonebridge said: “The Gold Coast has benefitted from significant domestic migration in recent years that has driven substantial population growth, evident through the strong population growth as forecast by Location IQ. Coupled with an affluent catchment with average per capita incomes 11% above the Gold Coast Local Government Area average, the centre is poised for sustained growth.”
Sam McVay of McVay Real Estate highlighted the centre’s transformation, stating; “The introduction of Harris Farm to Capri on Via Roma in mid-2021 has been game changing for the asset. The centre’s unique tenancy mix combined with the affluent catchment has translated to centre productivity over $15,400/m2 and this is growing rapidly.”
Dan McVay of McVay Real Estate said: “In my 40 year involvement with the Gold Coast market I’ve never seen a better time to invest here and this exciting lifestyle retail opportunity has outstanding dynamics and growth prospects.”
The Expressions of Interest Campaign closes Thursday 21 March 2024 at 4pm.
