Surfers Paradise Chevron Renaissance sells for 73.2 million

Surfers Paradise Chevron Renaissance sells for $73.2 millionThe sale of the Chevron Renaissance shopping centre at Surfers Paradise to private investment company Precision Group is the seventh significant tourism-related transaction on the Gold Coast this year.Chevron Renaissance has recently undergone a major upgrade to improve the ambience and strengthen the key retail mix. The centre has a total gross leasable area of 13,127sqm, and features a Coles supermarket, 57 specialty tenants and 20 commercial office suites.The deal was brokered by Simon Rooney and Chris Key of JLL, acting on behalf of Arena Investment Management Limited.Rooney says the significant fall in the Australian dollar has resulted in a strong rebound in tourism which, together with the $1.2 billion Gold Coast Light Rail completed in mid-2014 and the future investment for the 2018 Commonwealth Games, is “providing investors with significant confidence in the growth prospects of the region.”Other recent Gold Coast shopping centre sales include Abacus and KKR’s acquisition of the Oasis Shopping Centre at Broadbeach $103.5 million in February and the sale of Metro Market Shopping Centre for $23.05 million in March. AMP Capital is also investing $580 million in expansion of Pacific Fair, and is targeting completion by the fourth quarter of 2016.A number of hotels have also sold in 2015: Sofitel Gold Coast for $62 million, Paradise Resort for $75 million, Marriot Surfers Paradise Resort for $87.5 million and Sheraton Mirage Resort & Spa for $160 million.Arena sold Chevron Renaissance as part of a divestment strategy driven by JLL. In January, Arena sold a portfolio of five assets for $2 million to Anton Capital and 600 St Kilda Road for $81.5 million to a private investor.