Charter Hall has acquired Southport Park Shopping Centre for $152.5 million, expanding its convenience centre portfolio.
Located in Southport, Queensland, the centre comprises 19,900sqm of GLA on a 6.5ha mixed-use zoned corner site positioned on major arterial roads. Southport is the primary business district of the Gold Coast and one of the region’s fastest-growing areas.
Southport Park features Coles, Woolworths and Aldi, three mini-majors, 40 specialty stores, and a standalone “village” precinct with 17 office and retail tenancies.
The acquisition adds to Charter Hall’s existing portfolio of three triple-supermarket-anchored neighbourhood centres, representing 40 per cent of such assets nationally.
“Southport Park is a high-quality asset in the heart of the growing Gold Coast. The convenience centre benefits from its triple supermarket anchors and offers future value-add opportunities given low site coverage,” said Ben Ellis, CEO of Charter Hall Retail.
“With strong majors trading performance and attractive net lease structures, it’s expected to deliver accretive returns,” he said.
Ellis added that the acquisition supports the growth trajectory of Charter Hall’s $2.5 billion Convenience Retail Fund, which focuses on non-discretionary neighbourhood shopping centres.
The off-market transaction was negotiated by JLL’s Jacob Swan and Ned McKendry on behalf of JVL Investment Group.
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