Casuarina Village sells for $27.4 million

Casuarina Village has been sold to Whistle Funds Management, on behalf of CVS Lane Capital Partners Pty Ltd for $27,400,000, exclusively negotiated by JLL’s directors, Jacob Swan and Sam Hatcher.

Completed in 2016, Casuarina Village is an open air shopping centre situated on a 16,380sqm site anchored securely by Coles which is supported by 14 specialties and 2 ATMs/Kiosks. 

JLL’s National Director of Retail Investments, Jacob Swan remarked “the quality of the asset is reflected in the 5.86% fully leased yield and is complemented by the extensive 11.13 year WALE (by income) which includes a 20 year Coles lease. The tight yield further emphasises the strong demand and premium for new retail assets.”

"The sale highlights a very prevalent market trend at present – high-quality, well-leased centres are experiencing levels of demand we haven't historically experienced. The 'flight to quality' phenomenon has never been more evident," Mr Swan said

“The considerable new residential development as well as the future developments within Casuarina correlates with the strong level of interest from institutional investors, syndicators and high net worth individuals. The centre benefits from a Development Approval for a 1,000sqm Coles expansion and a 264sqm specialty expansion to further cater for the area’s growth when required” said Director of Queensland Retail Investments, Sam Hatcher.

"Off the back of the outstanding results recently achieved at MarketPlace Warner, Peregian Springs and the soon-to-be-announced sale of Benowa Village, the on-market sale campaign for Casuarina Village generated significant domestic and offshore interest from private, syndication and institutional investors," Mr Hatcher said.

Casuarina Village is located 40km south of Surfers Paradise and 110km south of the Brisbane CBD. The centre includes the only Coles supermarket and one of only three full-line supermarkets in the extensive Main Trade Area.

The Main Trade Area population is currently estimated at 22,170 and is forecast to grow to 28,630 by 2031 representing a 1.7% annual growth rate. The shopping village is currently subject to limited competition and is set to benefit from the area’s population growth.