- Greenpool Capital and Qualitas purchase the remaining 50 per cent ownership in the Gold Coast’s Runaway Bay Centre for $132 million
- The partners paid Perron Group $128 million last month for a 50 per cent share in the sub-regional centre
- CBRE’s Simon Rooney negotiated the two Runaway Bay deals which have brought the total value of 2021 Queensland retail purchases to close to $3 billion
- Mr Rooney says more than $500 million in further Queensland retail acquisitions across all key retail categories were likely to conclude by the end of the year
Perth’s Greenpool Capital, in collaboration with alternative real estate investment business Qualitas, has purchased the remaining 50 per cent ownership in the Gold Coast’s Runaway Bay Centre for $132 million.
The partners paid Perron Group $128 million last month for a 50 per cent share in the sub-regional centre.
In short succession, an off-market agreement was arranged to buy Vicinity Centres’ remaining share.
The transaction follows a string of major South East Queensland retail transactions, including Vicinity Centre’s $358 million purchase of a 50 per cent stake in Harbour Town Gold Coast from the Lend Lease-managed Australian Prime Property Fund.
As well as the sale of a majority stake in Pacific Fair to Cbus Property as part of the AMP Capital Retail Trust’s recapitalisation.
Simon Rooney, CBRE’s Head of Retail Capital Markets – Pacific, negotiated the two Runaway Bay deals, which totalled $260 million in the purchase price, bringing the total value of 2021 Queensland retail purchases to close to $3 billion.
“Strategic off-market transactions such as Runaway Bay reinforce the ability for retail owners to secure competitive pricing and prompt transaction outcomes, with the deal being struck at a price above Vicinity’s most recent publicly reported book value,” Mr Rooney said.
“By acquiring the residual 50 per cent interest in the Runway Bay Centre, Greenpool Capital and Qualitas have strategically secured both management and development control of the centre, which occupies an under-utilised, 124,700sqm site and presents significant mixed-use development opportunities.”
Mr Rooney stated that more than $500 million in further Queensland retail acquisitions across all key retail categories were likely to conclude by the end of the year, with investor interest in Queensland bolstered by robust retail expenditure and population growth.
Greenpool Capital’s, founded in 2016 by Brad Osborne, most recent transaction comes on the heels of the group’s $50 million acquisition of North Adelaide Village in 2020, which was also a joint venture with Qualitas.
“Runaway Bay is an established, highly productive sub regional centre, with major, national and chain tenants comprising 88 per cent of the total GLA,” Mr Rooney said.
“Moving forward, the centre is well-positioned to benefit from significant food expenditure within the main trade area (MTA) of $901 million, accounting for 55 per cent of retail spending.”
The asset is supported by a triple supermarket offering from Woolworths, Coles, and Aldi, as well as dual discount retail shops from Big W and Target.