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Upmarket Gold Coast lifestyle retail centre Capri on Via Roma has sold for $85.5 million in an off-market deal by owner Mulpha Australia, which has scored a healthy gain on the asset in just three years of ownership.
Mulpha, the Malaysian company that also owns the Sanctuary Cove residential resort at Hope Island, bought the property in 2022 for $70 million.
However, that deal also included a $4.5 million option for an adjacent 2,888sqm of development land that is used for carparking but has the potential for a townhouse development. The latest deal does not include the option for this site which implies a purchase price by Mulpha of $65.5 million for the retail centre.
The sale has been secured on a yield of about 6 per cent with the property anchored by Harris Farm on a 12-year lease.
Developed in 2013 on the site of the former Isle of Capri shopping centre, Capri on Via Roma has become a drawcard for locals and tourists with the waterfront property hosting a suite of restaurants and food outlets.
The property, located at 15-21 Via Roma in Surfers Paradise, comprises a land area of 1.128ha and a net lettable area of 6,780sqm across three buildings. It is supported by 53 tenants including an office precinct.
“Capri on Via Roma’s unparalleled location and tenant mix made it an exceptional opportunity for an international family office looking to enter Australia with a flagship asset,” says Harry Bui, Colliers’ head of Asia Markets Australia, who negotiated the deal along with Colliers’ Gold Coast Director in Charge, Steven King.
“This deal underscores the value of strategic negotiation and local-global collaboration.
“As new entrants continue to invest into the Australian market, the buyer recognised the unique character and long-term value of Capri on Via Roma and was willing to secure such a high performing asset.”
Locally based Asian private investor Capri Holding GC Pty Ltd has been revealed as the buyer of Capri on Via Roma which was placed on the market last year.
“Capri on Via Roma sets a new benchmark for retail on the Gold Coast and this transaction highlights the continued appetite from global and local private capital for flagship Australian assets that blend retail resilience with future development potential,” says Bui.
The property is an undeniable trophy asset with a near full occupancy rate of 96 per cent and a prime position servicing the local catchment and the Gold Coast tourist market.
“It’s a great outcome not just for the vendor and purchaser, but also for the Gold Coast market,” Steven King says of the sale.
“Achieving a gross lettable area rate of $12,473/sqm and an initial yield of circa 6 per cent, Capri on Via Roma is expected to benefit from continued growth in the Gold Coast’s residential, tourism and hospitality sectors, with nearby high-rise and hotel developments adding further momentum to one of Australia’s most dynamic coastal economies.”
Colliers Real Estate Management Services has been appointed to manage the property, which was previously undertaken by Mulpha during its ownership.
When it acquired the property in 2022, Mulpha said Capri on Via Roma would be “synergistic” to the group’s existing portfolio and an opportunity to leverage its expertise in food and beverage, car parking, leisure and development.
Apart from Sanctuary Cove, Mulpha Australia’s assets include the InterContinental Hayman Island Resort, Bimbadgen Hunter Valley and Norwest Business Park in Sydney.
The Capri on Via Roma development was undertaken by Sydney developer Simon Harvey’s BeauGroup which originally acquired the property in 2006 for $20 million. The company sold the property to Mulpha in 2022 to focus on other projects.
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