Macau mogul swoops again in Soul Boardwalk deal

Soul Boardwalk on the Gold Coast.

Macau gaming billionaire Loi Keong Kuong has added the Gold Coast’s Soul Boardwalk shopping centre to his expanding Australian property portfolio, in a deal believed to be worth $85 million.

The centre, at the base of the $850 million Soul tower at Broadbeach, was listed for sale by PricewaterhouseCoopers in 2015, after the 77-level complex was taken into receivership in 2012. Hotelier Mantra Group manages the hotel part of the tower under its Peppers brand.

Covering 7012sqm of strata retail space over three levels, Soul Boardwalk returns $7 million in net annual rental income from tenants including Ripley’s Believe It Or Not, Hurricane’s Grill and Surf Dive ‘n’ Ski.

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More than 100 inquiries were fielded during the expressions of interest campaign conducted by Colliers International.

Herron Todd White Gold Coast commercial director Ryan Kohler says it is not surprising the centre took a long time to sell despite its beachfront location.

“It’s a very high price point for the Gold Coast market and particularly for an asset that doesn’t have a traditional anchor tenant,” he says. “I think a lot of investors in that price point are looking for the asset to be underpinned by a Coles or Woolworths.”

It is the latest investment by Loi, following on from the $265 million paid for a 21-storey office complex opposite Sydney’s Hyde Park, and the $160 million purchase of the ExxonMobil headquarters at Riverside Quay in Melbourne’s Southbank.

– with Ben Wilmot

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