Perth Investor Secures Emerald Lakes Town Centre

Perth based real estate funds management group Acure Asset Management has purchased the Emerald Lakes Town Centre for $21.5 million.  

Located in the centre of the Emerald Lakes Estate, the five-level commercial and retail building is occupied by 15 tenants including Cardno, Oliver Hume and The Uniting Church. 

The strata-titled building sold on a passing yield of 7.63%, based on a total net income of $1,641,742 per annum at the time of sale. The estimated fully leased yield is 8.8%.  

CBRE’s Mark Witheriff, John Nucifora and Daniel Doran brokered the sale on behalf of Brisbane-based development firm Pointcorp, which recently undertook a significant reset of the building and leasing campaign. The transaction was managed by Andrew Rockley and Clare Purdy of Goodrock Property.  

“The campaign generated wide ranging interest nationally,  reflectng the market appetite for Gold Coast real estate,” Mr Witheriff said.  

“While there have been some economic headwinds of late, we continue to see interstate capital flow to the Gold Coast as the market fundamentals remains strong. We have contracting office vacancy, strong retail growth and surging interstate migration.”  

The purchase represents Acure Asset Management’s third investment in the Queensland property market and its first office purchase following two earlier industrial and retail acquisitions.  

Acure Asset Management Managing Director Angelo Del Borrello said the group was excited by the prospect of investing in the Gold Coast market.  

“Our company continued to monitor the quarter-on-quarter uptake in office vacancy across the Gold Coast in 2021 and viewed the Emerald Lakes Town Centre as a strong asset for our portfolio with excellent value-add opportunities,” Mr Del Borrello said.  

“We now have circa $500 million in property under management, and we aim to keep growing. We are looking forward to the coming months as we undertake a significant capital works program and we are confident that our asset management experience can add value to the property.”  

Following the sale Pointcorp will focus on completing the nearby riverfront land project Riverina – a  master-planned community featuring an exclusive deep-water marina, 2.8ha central lake and a residents-only club.