Metro Retail Opportunity Fund
Metro Market Shopping Centre
33 Hollywell Road,
Biggera Waters QLD, 4216
Metro Market is a 6,968sqm neighbourhood shopping centre located at 33 Hollywell Road, Biggera Waters, Gold Coast. The Centre comprises 33 speciality stores, together with a Drakes supermarket and a commercial office component, which is predominantly leased to Stellar BPO (a leading operator of call centres in Australia). The 1.098 ha site occupies a prominent corner with future potential for redevelopment.
The opportunity for Investors was to acquire a high-yielding retail asset with potential to add-value through active management and tenant re-mixing. Since acquiring the asset, the Drakes Supermarket has completed a store refresh and the main commercial tenant extended its lease term. The occupancy rate was consistently above 95%.
| Fund Status | Property Sold and Fund Closed |
| Acquisition Price | $23.05m (March 2015) |
| Divestment Price | $39.4m (March 2022) |
| Investor Return on Equity | 159% p.a. ($1.00 invested = $2.59 returned) |
| Investor Internal Rate of Return | 19.3% p.a. (actual) 15.5% p.a. (forecast) |
