Homeworld Helensvale sells for $265 million

(Source: Supplied)

Queensland’s large format retail centre Homeworld Helensvale has sold for $265 million to a private investor, marking Australia’s second largest and Queensland’s largest transaction on record for such a centre.

Located in the northern suburbs of the Gold Coast, Homeworld Helensvale spans 36,000sqm of lettable area and has a diverse mix of health and medical, retail, lifestyle, dining and daily needs tenants.

An invitation-only international expression of interest campaign was conducted and managed by Stonebridge’s Philip Gartland and Lachlan MacGillivray and Stewart Gilchrist of Colliers.

MacGillivray said Homeworld Helensvale is in a “prime position” to take advantage of household spending and consumer demand post lockdowns.

“Continued work from home and a reduced supply in the residential market has also boosted key large format retail categories, with many outperforming broader retail sales growth,” he said.

Gartland added changing consumer behaviours and planning flexibility have allowed the tenancy mix within large format retail centres to “evolve” to suit both retailers and customers alike.

Adjacent to the centre lies 7.34 hectares of developable vacant land, a portion of which has preliminary approval for retail, showroom, medical and indoor recreation, and offices.

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