Asian Interest High
A clamour from investors, many Asian-linked, wanting to be a landlord to a Gold Coast Aldi store has seen a Sydney investor come out on top with a $34m tilt.
Aldi is the anchor tenant in Robina Central, which was completed earlier this year by two Brisbane groups.
The property, in which the average lease term of its five tenants is 13 years, was put on the market in July.
It is netting $1.7m and has sold on a 5 per cent yield.
Yosh Mendis, of Burgess Rawson, said yesterday that Robina Central drew 280 inquiries from across Australia and offshore.
He said the tight yield affirmed the Gold Coast was seen as an attractive investment destination due to its strong growth.
“Robina Central offered investment fundamentals rarely available in any market.”
Mr Mendis said that there was significant interest from investors with an Asian heritage for premium investments.
“Forty-six per cent of the offers we received were from Asian capital, both on and offshore, with key mandates from the purchasing groups to secure blue-chip investment opportunities which exhibit high underlying land value.”
The Robina Central tenants, Aldi apart, are an Ampol service station, Starbucks, Guzman y Gomez, and MedCentres.
The property was developed by Brisbane-based partners De Luca Corporation and Wright Private Capital on the corner of Robina Parkway and Laver Drive.
It has four buildings with a total of 2624sq m of net lettable space and was 100 per cent leased prior to a start on construction.
Aldi, which previously had a small Robina outlet, took a 15-year lease on its store.
De Luca and Wright bought their 1.31ha Robina Central site from QIC Robina for $9.8 million during Covid-19 in late 2020 and at a time when QIC was selling non-core Robina assets.
The partners, when they embarked on Robina Central, had it fully leased and with Aldi signed up for a 15-year lease.
Rental reviews will see tenants paying an extra 3 to 4 per cent a year.
Robina Central, with Aldi at the far end of the property, has changed hands for $34 million.