QLD

Alistair Walsh | 12 November 2012

Juniper group to sell 38 retail lots in Mooloolaba

Juniper group to sell 38 retail lots in Mooloolaba

The developer of the collapsed Soul Development in Surfers Paradise, Juniper Group, has listed lots in five retail properties in Mooloolaba as part of a massive portfolio sale.

Juniper Group will be selling $100 million of retail property across Queensland following the appointment of receivers to its Soul development.

"The directors have decided to take their retail portfolio, valued in the vicinity of $100 million, to the market," a company spokesperson told The Australian.

"A big proportion is property along the Mooloolaba Esplanade, Mooloolaba, and they will sell commercial and retail property in north Queensland."

Juniper Group has listed 38 lots in Mooloolaba worth about $30 million. Collectively they earn more than $3 million in rent per year.

The retail shops are all close to the beach in Mooloolaba. Four are on Mooloolaba Esplanade and one is on River Esplanade.

All the lots were built by Juniper since 1997.

Zanzibar retail is a series of 14 shops that are up for sale in one line or individually. Fully leased they earn $1.55 million in rent per year. The arcade comes with outdoor licensed areas.

Zanzibar has a total of 1,099 square metres of net lettable area and includes four ATM tenancies leased to major banks.

Built in 1999, the shops in Zanzibar range from 45 square metres to 156 square metres.

The site value, accessed by the Queensland state government, is $9,300,000 as at June 30, 2012.

The most lucrative tenancy in the development is a 121-square-metre shop leased to Yoghurt World for $242,000.

Aside from the ATM tenants, which pay around $12,000 per year each, the highest rent per square metre in the building is paid by Déjà vu Café &Bar, which pays $2,794 per square metre.

Total forecast outgoings come to $196,745 for the 2012-13 financial year.

Aegean retail is two titles on River Esplanade – a 116-square-metre vacant lot with a projected income of $76,908 and a 30-square=metre lot with a net income of $29,928 from a massage shop.

Malibu is a single 132-square-metre lot with a carpark leased to David Hart Galleries for $200,619 per annum.

Landmark retail is a series of 12 lots in a shopping centre, nine of which are leased, three are vacant.

The lots range in size from 42 square metres to 322 square metres.

The most lucrative lease comes from a restaurant called Bellissimo on 108 square metres plus an outdoor area. It has outgoings of $16,048. Other tenancies are restaurants, a hair salon and a day spa.

Oceans retail is a series of nine lots, six of which are leased. The lots range from 35 square metres to 230 square metres.

The most lucrative tenancy comes from fashion shop El’ Marie, which pays $155,125 per annum for the 95 square metre space. All other tenants are fashion stores except for a day spa.

The sales are all being negotiated by CBRE’s Brendan Robins and Rem Rafter.

CBRE is responsible for a number of retail and commercial listings in Queensland including a retail outlet in Cairns.

The offers to purchase campaign ends on November 29.

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