Metro Retail Opportunity Fund
Metro Market Shopping Centre
33 Hollywell Road, Biggera Waters QLD
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 has been consistently above 95%.
Key Fund Stats
|Fund Status||Fund Open|
|Acquisition Price||$23.5m (March 2015)|
|Current Distribution Yield (% p.a.)||14.25% p.a. (paid quarterly)|
|Key Tenants||Stellar Asia Pacific, Drakes Supermarket|