De Luca Corporation and Wright Private Capital sell Robina Central for $34m

Published on: 20/10/2023

A newly built neighbourhood shopping centre on the Gold Coast developed and built by two well-known Queensland property players has secured a buyer after an international campaign.A Sydney private family paid $34m for Robina Centra at 8 Laver Dr after a Burgess Rawson campaign that attracted more than 280 inquiries and 13 offers.The property, completed this year, was developed by Nic De Luca’s De Luca Corporation and Glen Wright’s Wright Private Capital.Mr De Luca said he was pleased with the result as it was rare to develop a premium investment opportunity such as Robina Central. The sale reflected a yield of 5 per cent.The deal was brokered through Burgess Rawson’s Yosh Mendis, Zomart He, Beau Coulter and Andrew Havig via an “expressions of interest” campaign.

Mr Mendis said Robina Central offered investment fundamentals rarely available in any market.

“Increasing land values and construction costs for significant investment assets such as Robina Central are making it increasingly difficult for investors to secure premium investment opportunities as constraints on supply for new assets continued,” he said.

“Investors will also find it increasingly difficult to acquire properties of this quality at these price points as rentals continue to increase across the investment market given these continuing growing factors around land values and construction costs.”

Robina Central tenants include ALDI, fast food giant Guzman Y Gomez, ASX listed Ampol, globally popular Starbucks and well-known Med-Centres.

It is on a 1.3ha site and features four stand-alone buildings with onsite parking for 127 cars and is accessed via both Robina Pkwy and Laver Dr.

The property has a total net annual income of $1.7m.

Mr Mendis said there was significant interest from investors with Asian heritage for premium investments.

“About 46 per cent of 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,” he said.

Robina Central at 8 Laver Dr which sold for $34m after a Burgess Rawson campaign that attracted more than 280 inquiries and 13 offers.

Courier Mail, Chris Herde