Metro Retail Opportunity Fund

Metro Market Shopping Centre
33 Hollywell Road, Biggera Waters QLD

Property Description

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.

Investment Rationale

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 StatusFund Open
Acquisition Price$23.5m (March 2015)
Equity Raised$14.0m
Current Distribution Yield (% p.a.) 14.25% p.a. (paid quarterly)
Key Tenants Stellar Asia Pacific, Drakes Supermarket