Melbourne, 18 December 2024
Wingate and Shore Financial (Shore) are pleased to announce the acquisition of Queen Street Village, a prime mixed use sub regional shopping centre located in Southport, Gold Coast, QLD. The 13,071 sqm centre boasts almost 40 existing tenants and provides exceptional income security with 94.4% occupancy, 100% income coverage and a 9.2 year WALE at acquisition.
The recently constructed property, incorporating volumetric title airspace, has been purchased for a consideration of approximately $86.55 million.
Investors in the Trust are forecast to receive quarterly distributions commencing at 7% p.a. with a target return range of 13 – 16% EIRR over the initial investment period.
The sale was brokered by Sam McVay of McVay RE.
“We are delighted to announce the acquisition of Queen Street Village in collaboration with investment partner Shore. This transaction marks the first of a program of future co-investments with Shore” said Dan Farley, Executive Director and Head of Direct Property, Wingate.
“Located in an emerging precinct of the robust growth corridor that is South-East Queensland, the property is well positioned to benefit from strong trade drivers leveraging off significant population increase and major infrastructure works leading up to the 2032 Brisbane Olympic games”.
“We are excited to have the opportunity to acquire an asset delivering a core style return profile while also offering opportunities for value-add through a targeted active management strategy”, said Farley.
The collaboration between Shore and Wingate leverages the strengths and expertise of both firms. Wingate's extensive experience in investment management and Shore's deep understanding of the real estate market create a powerful synergy that promises to drive significant value for stakeholders.
“Our partnership with Wingate is a testament to our shared vision of creating innovative investment opportunities that meet the evolving needs of our clients,” said Theo Chambers, CEO of Shore. “The acquisition of Queen Street Village is a prime example of how we are strategically expanding our property portfolio to include high-quality assets in prime locations.”
Joel Rosen, Head of Private Clients, Private Capital at Wingate said “The Queen Street Village acquisition is evidence of both businesses working collaboratively to bring the best possible opportunities to our co-investors. This was confirmed by a successful capital raising campaign with significant co-investor demand. We are looking forward to the next opportunity.
Sam McVay said “Queen Street Village is a rare new-build, long WALE sub-regional centre in Southport. Our campaign delivered strong interest from investors seeking net effective income security backed by exceptional SEQ supply / demand fundamentals that will deliver long term rent growth.”
Wingate has been active in Australian direct property/private credit markets for over two decades, forming a dedicated team to focus on direct investments in 2020. Wingate Direct Property (WDP) has closed over $800m in direct commercial assets, with over $500m currently under active management.
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Contact
Andy Ridings
Head of Marketing & Communications, Wingate
ABOUT WINGATE
Wingate is a leading alternative investment manager focused on property debt, mid-market corporate debt and direct property investment. Investment opportunities are driven by our specialist Property and Corporate Investments origination and credit teams.
In addition, we hold strategic investments in a select number of innovative, high growth financial services businesses, where our experience and track record add significant value for stakeholders. Our platform comprises over 200 investment and fiduciary professionals dedicated to the Australian market.
We are driven by long‐term, trusted relationships and delivering sustainable growth through the economic cycle.
We feel a deep sense of personal and collective responsibility to our people, co-investors, shareholders and business partners and we take pride in the strong performance of our investments over almost two decades.
ABOUT SHORE FINANCIAL
Founded in 2013, Shore Financial has grown to become Australia's #1 independent finance brokerage, recognised for our unwavering commitment to client service and industry innovation. With a distinguished track record of assisting over $15 billion in finance settlements and providing expert financial advice to over 31,000 clients, we are a trusted name in the financial services sector. Our comprehensive offerings include a robust credit advisory team, financial planning & insurance division, and our newest venture, Shore Invest. Each segment of our business is designed to deliver a holistic approach to financial solutions, reinforcing our reputation as a leading partner in achieving our clients' financial goals. At Shore Financial, we are dedicated to empowering our clients and guiding them through their property journeys, ensuring they have the support and resources needed to make informed decisions and achieve success. For more information visit https://shorefinancial.com.au/about/