Queen Street Village, Southport, Qld

Thank you for your interest in this investment opportunity.

Wingate has secured the exclusive right to acquire the Queen Street Village, a high-quality retail shopping complex in the heart of Southport on the Gold Coast.

Confirmatory due diligence is currently being undertaken and we are now pleased to invite you to join us as a co-investor in this unique asset. Wingate will be acquiring the asset in partnership with Shore Financial, who have been allocated 50% of equity which will be made available to their investors.

Investment features of the asset being acquired are as follows:

  • Counter-cyclical investment opportunity

  • High-quality and recently developed retail centre in a premium location in Southport

  • 94% occupied with a WALE of 10 years by area

  • Several large anchor tenants: IGA, Dendy Cinemas, Guzman Y Gomez, Lead Childcare Centre, EMF Gym and Secure Parking

  • Forecast return of 13% -16% IRR 1

  • 4-year investment, with a forecast distribution yield commencing at 7.0% per annum, paid quarterly

  • Diverse income stream and income security generated from 42 tenants on existing leases

  • Significant nearby capital expenditure pipeline including GC health precinct, major road, rail upgrades, GC and Brisbane airport expansions – all in time for the 2032 Olympics

  • High growth area – Southport is “The CBD of the Gold Coast”

  • Experienced Manager with a 20-year track record of strong investor returns.

  • Wholesale investors only. All investors must be ‘wholesale clients’ as defined in the Corporations Act 2001 (Cth).

Key Dates

Due Diligence period commencement – Thursday 25 July 2024
Expressions of Interest close – Friday 9 August
Application Period – Monday 19 August to Monday 2 September
First Capital Call (Deposit only) Due – Tuesday 10 September
Final Capital Call Due – Tuesday 8 October

Should you wish to invest in this opportunity, please complete the relevant details in the Expression of Interest section

Please Note

  • Following the Expression of Interest closure period, Investors will be advised of final investment amount. An online application link or paper application will be circulated along with the final investment Information Memorandum to complete your application.

  • A fully executed Application and any applicable onboarding documents will be required by 5:00pm AET on Monday, 2 September 2024

  • The first capital call representing approximately 9% of your final investment amount will be issued to you on Tuesday, 3 September for payment by 5:00pm AET on Tuesday, 10 September.

  • A final capital call for your balance investment will be issued to you on Tuesday, 1 October for payment by 5:00pm AET on Tuesday, 8 October.

  • Please note late payments or incomplete onboarding documents may result in a cancelled or delayed investment.

1 A 13.3% IRR represents the post fee (excl. manager success fee), pre-tax equity return target with an assumed cap rate of 6.75% on exit (our base case assumption). Differences from the assumed cap rate of 6.75% at exit represent both potential upside and downside. For illustrative purposes, an assumed cap rate of 6.25% at exit would result in a 16.6% gross IRR (post fee (excl. manager success fee) and pre-tax). Wingate Direct Property may not be successful in achieving these returns and we make no assertion that any given cap rate will be realised upon exit.

Expression of Interest