Malaysian investor’s $70m slice of Gold Coast’s Capri on Via Roma
Capri on Via Roma in the Gold Coast was sold for $70m in an off-market deal.
A Gold Coast shopping centre home to one of Harris Farm’s most deluxe flagship shopping outlets with more than 500 cheeses has sold for $70m.
The Capri on Via Roma, a centre which overlooks the Nerang River and is a stone’s throw from Broadbeach, was sold in an off-market deal brokered by Stonebridge.
The new owner is Malaysia-listed company Mulpha International Bhd, a diversified group which has extensive Australian investments including hotels, resorts and commercial buildings. Mulpha’s Pindari Capital Capri Retail group will become trustee for the neighbourhood centre which comprises a total of 11,863 sq m.
It has paid a 10 per cent deposit for the purchase, with internal funds and bank lending providing the capital for the remaining price of about $63m.
Stonebridge’s Philip Gartland brokered the deal on a tight 5.13 per cent yield.
The acquisition is expected to be complete by June 30 as the original developer behind the centre, Beaugroup, gets to work on a new project about 200km up the coast.
Managing director of the Sydney-based developer Simon Harvey said Beaugroup had similar plans for a new Sunshine Coast centre.
“We’re excited to focus our efforts on our new retail hub – BokBeach Corner – on the Sunshine Coast. The new development is set to bring traits of our bespoke Gold Coast offering up north,” he said. “Like Capri on Via Roma, BokBeach Corner will set a new benchmark in retail and dining, offering a lifestyle experience for locals like no other.”
Harris Farm Markets at The Capri on Via Roma.
BokBeach will include a child care centre, fitness facilities, a rooftop bar, organic markets, butchers, a delicatessen, an artisan coffee roaster, restaurants and cafes.
Behind the design is Paul Braithwaite from local architectural firm Sprout Architects.
Mr Harvey said Capri on Via Roma had achieved what the company had planned.
“The opening of Harris Farm Markets’ flagship Gold Coast store signals the coming of age for the centre, and it marks the final piece of the puzzle for Capri on Via Roma,” he said. “The centre offers the best local providores, restaurateurs and operators under the one roof and we’re proud to see that now completed through the addition of Harris Farm Markets.”
The asset was originally marketed in 2018 and Stonebridge then negotiated for the existing grocer, a local operator, to vacate and be replaced by Harris Farm in a flagship store.
Constructed in 2013, Capri on Via Roma is a neighbourhood centre that spans over 6,743sq m of gross lettable area. This property sits southwest of Surfers Paradise on the Isle of Capri.
The unique convenience and lifestyle asset also has two mini majors, 24 specialty shops, four kiosks and ATM, and 16 offices. It has 170 car spaces and is also accessible by boat.
The transaction included the sale of development land of $4.5m in addition to the investment sale of $65.5m.
The 2,888sq m of development land zoned neighbourhood centre is currently used as carparking and is under contract via option agreement with a delayed settlement.
