A local private investor has bought Pinnacle Pines Retail Centre, located at Pacific Pines on the northern Gold Coast, for $19.7 million, with the sale following a string of recent fuel and convenience retail transactions in the area.
Anchored by a 7-Eleven Service Station and a freestanding McDonald’s drive-through restaurant, the centre has a total gross lettable area of 1,678sq m across four buildings, and features eight other complimentary tenancies including a Zarraffas drive-thru, Noodle Box, Baskin Robbins and Subway, plus a medical centre, dentist and veterinary clinic.
The off market transaction of Pinnacle Pines retail centre was handled by Peter Tyson, Savills national director of Retail Investments, and Michael Harcourt of Savills on a tight yield of 5.47 per cent.
“The centre appealed to the local buyer due to its strong tenant line up and high profile position at the entrance to the Pacific Pines community,” Tyson said. “As a master planned community, Pacific Pines has a tight planning framework and the centre hierarchy is protected.”
According to Savills, the Gold Coast has seen strong transactional activity of late within the fuel and convenience retail sector including the sale of a McDonald’s and 7-Eleven service station on the Gold Coast Highway at Palm Beach for $8.525 million, in a deal also negotiated by Savills, as well as that of a 7-Eleven service station at Pacific Fair for $10.1 million, and the United Petroleum service centre at Labrador for $8.975 million.
“These sales are reflective of the continuing high levels of demand for high quality national tenant covenants offered by the fuel and fast food sector,” Tyson said. “2017 is an active year for the Gold Coast with other sales concluded by Savills in recent weeks including the Mudgeeraba Market shopping centre for $35.8 million and the Worongary Town Centre for $46.3 million.”
Savills is also handling the sale of a new freestanding Coles supermarket at Pacific Pines. The Coles Group Property Developments developed the 3,717sqm store.
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