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News release

Chevron Renaissance Shopping Centre on Surfers Paradise Boulevard, in Australia’s premier holiday destination, comes to market


AUSTRALIA, 1 AUGUST 2011 – Jones Lang LaSalle, on behalf of Orchard Capital Investments Limited, has announced the landmark Surfers Paradise shopping centre Chevron Renaissance for sale.
 
Located at the heart of the primary tourist precinct on the Gold Coast, the stratum titled shopping centre is spread over five levels comprising a total GLA of 13,076 square metres.  It includes two basement levels, with car parking for 300 vehicles, ground level retail accommodation and two upper levels of retail and office accommodation.
 
It is securely anchored by a Coles supermarket, 2 mini-majors (Supre and Splash Clinic), 50 specialty stores, 18 office suites, 2 kiosks and 3 ATMs.
 
Jones Lang LaSalle’s Australian Head of Retail Investments, Simon Rooney said, “Chevron Renaissance is a partially enclosed city centre underpinned by a long term lease to Coles Supermarket until 2020 with an additional 10 year option, as well as a mix of speciality tenancies providing food catering, take-home food and apparel retailers.
 
“For a new owner, there is an opportunity to change the current retail offer to improve the tenancy mix.
 
“We expect strong interest in this dominant retail asset from offshore buyers and domestic private investors, considering its commanding position on the Surfers Paradise Boulevard in Australia’s premier holiday destination,” said Mr Rooney.
 
Jacob Swan from Jones Lang LaSalle’s Retail Investments in Queensland said, “Surfers Paradise is a highly popular tourist destination with both domestic and international travellers, and is probably the best known holiday destination in Australia.
 
“Statistics from Tourism Queensland show that the Gold Coast received close to 3.4 million domestic overnight visitors, 817,000 international and 6.8 million day trip visitors during the year ending December 2010*.
 
“Chevron Renaissance is one of the jewels in the Gold Coast’s crown, directly opposite the recently reconstructed world class Hilton residential and hotel development.  The shopping centre was built in 2000 and offers a modern, partially enclosed stratum centre with a Fully Leased Net Income of approximately $7,391,000 per annum” said Mr Swan.
 
Chevron Renaissance is being offered for sale through a formal Expressions of Interest campaign closing September 1, through Jones Lang LaSalle’s Simon Rooney and Jacob Swan and co-agent Colliers International.

* Source: Pitney Bowes Business Insight.