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Woolworths Sale Breaks Post GFC ‘Depression’, First National

First National Commercial, the commercial division of the First National Real Estate network, has secured the sale of the Woolworths anchored Coomera City Centre on the Gold Coast to Charter Hall Retail REIT for $59.2 million.

The $59.2 million option to acquire was negotiated by First National Commercial Gold Coast principal, Jamie Bourke and commercial sales manager Darrel Woodfield in an agreement that Mr Bourke said the deal heralds the end of four years of depression on the Gold Coast.

‘Stage one of the sale represents the largest Gold Coast shopping centre sale since the GFC, adding 9,431 sqm to Charter Hall’s portfolio of supermarket-centric investments in deal that will yield the REIT 7.4 per cent’ said Mr Bourke.

‘The second stage of the sale remains subject to confidentiality but will shortly see First National Commercial Gold Coast sell the adjoining holding for in excess of $44 million, bringing the deal’s total to $103 million’.

The Coomera City Centre is located 20 kilometres north of the Gold Coast and 53 kilometres south of Brisbane, an area experiencing rapid economic growth.

‘The Coomera City Centre has a healthy 97.8 per cent of its available floor space leased, with an 8.8-year weighted average lease expiry’ said Mr Bourke.

In addition to a Woolworths supermarket, the shopping centre also offers a Woolworths Tavern, a Dan Murphy’s liquor outlet, Shell service station and a further 33 retailers.

Mr Bourke said he also sold a 3,000-sqm high rise beach front development site in Burleigh Heads for $17.5 million to a private Sydney company last month, and has settled a further two sales worth $25 million in recent weeks.

‘The Gold Coast is certainly seeing a resurgence of confidence after four years in the doldrums’ said Mr Bourke.

‘First National Commercial Gold Coast is actively negotiating with a broad range of developers and investors who are keen to get a slice of the action. The southern Brisbane suburbs and Gold Coast represent a major growth corridor for South East Queensland and economic activity is on the rise’ said Mr Bourke.

First National Commercial has 40 offices across Australia and leverages from over 400 First National Real Estate offices throughout Australia and the South Pacific. The commercial network is one of Australia’s fastest growing commercial brands, experiencing 133 per cent growth in market share in 2013.

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