The $45.8 million sale of Sunland’s The Lanes retail village shows bricks-and-mortal retail has a strong future despite challenges posed by online shopping and COVID-19, say leading agents Adam Grbcic and Tony Grbcic of Kollosche Commercial.

The Lanes retail sale to Panthera Group last week as well as the official signing of the $32.75 million sale of another 2.2-hectare site within the masterplanned community to businessmen Brett Frizelle and Darryl Kelly on November 4 caps off $113 million in successful deals negotiated by the Grbcics’ within The Lanes Master Plan Precinct in the past three years.

Adam Grbcic said The Lanes sale formed one of several retail properties changing hands in October, including a majority stake in Pacific Fair for $2.2 billion (with a half share in Sydney’s Macquarie Centre) and half of Harbour Town for $385 million.

“Panthera has correctly identified the Gold Coast can do with an injection of high-quality retail offerings, particularly when underpinned with apartments,” Adam Grbcic said.

“We were able to show to Panthera the sector has strong long-term growth prospects, particularly when interstate and international travel opens up.

“We have seen a massive vote of confidence in the retail sector with Cbus Super and UniSuper taking a majority stake in Pacific Fair and Vicinity Centres buying a half share of Harbour Town.

“The sale of The Lanes centre, which is likely to be completed in 2023 or 2024 is further proof the sector is in good health.”

Adam Grbcic said The Lanes would offer shoppers a destination unlike most traditional shopping centres.

“The Lanes Retail offers a fresh and modern precinct with the perfect balance of retail, convenience, entertainment and essential services.

“What Sunland has done so well with the design and planning of this precinct is offer a destination for families not anchored by a major supermarket. The centre will be a destination which will attract loyal consumers who visit for the experience and lifestyle rather than just for the convenience.”

Tony Grbcic said solid market fundamentals are underpinning the latest growth cycle.

“This isn’t like the boom-and-bust cycles of the past,” he said.

“Investors who have sold off residential properties are looking to invest their cash in commercial assets that come with high yields in a place which hasn’t been as effected as Sydney and Melbourne with lockdowns.

“All this means is the future prospects are looking excellent.”

The Lanes is a yet-to-be-built 12,500sq m retail centre which upon completion will feature a fresh food market hall, cafes, restaurants, medical centre, office space and lakeside community green.

Tony Grbcic said development site sales such as the $32.75 million deal for lots 909 and 915, which have approval for 12-storey apartment buildings with 1500 bedrooms, went hand-in-hand with the retail side.

“There is massive demand from a range of developers for quality sites from Broadbeach to Coolangatta,” Tony Grbcic said.

“This is being driven by a stock shortage and high take-up of new product. Indeed, the supply of off-the-plan product has fallen dramatically, which is why more and more developers are aiming to get into the market.”

Tony Grbcic said the recent sales were examples of this high level of interest.

“This residential market is fueling interest in retail investments, which makes sense because the retail pie is getting larger to meet the increased demand from residents and visitors,” he said.
To request a sales analysis please contact the selling agents Adam Grbcic and Tony Grbcic of Kollosche Commercial via the below contact details.