The retail and commercial portion of the Circle on Cavill development in Surfers Paradise has sold for $61.8 million. Sam Hatcher and Jacob Swan of JLL Brisbane and Dan and Sam McVay of McVay Real Estate negotiated the sale on behalf of the vendor, EG Funds Management. EG is a real estate fund manager which was founded 20 years ago and which currently has $3.2 billion in assets under management.
The buyer is reportedly, Loi Keong Kuong, a private individual based in Macau.
According to Gold Coast Cityscope, the centre comprises 8,906 sqm of retail space and 3,680 of commercial space, with around 15 specialty stores, 4 mini-majors, a bowling alley, a medical centre and a 2,832 sqm Woolworths facing into the central plaza. The property includes 419 underground car parks and a 4-storey high 'mega-screen' that broadcasts movies and major sporting events. It is ideally located in Surfers Paradise in a mixed use area, adjoining the Gold Coast Highway and close to the new Gold Coast light rail.
The centre last traded at $40 million in 2010. At $61.8 million the sale represented an initial yield of 8.82% on a passing income of $5,453,085.