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Homeworld Helensvale sold to private investor for $265m

In a historic $265 million sale for the state, Queensland retail centre Homeworld Helensvale has been sold to an Australian buyer.

user iconLauren Croft 13 September 2022 Big Law
Homeworld Helensvale sold to private investor for $265m
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Firm: Colin Biggers & Paisley (Homeworld Helensvale)

Deal: National legal practice Colin Biggers & Paisley has advised the seller on the sale of Homeworld Helensvale in Queensland.

Value: $265 million

 
 

Area: Property, mergers and acquisitions

Key players: The Colin Biggers & Paisley team was led by partner Rebecca Castley and supported by special counsels Natalie Humzy-Hancock and Carlos Gouveia and solicitor Kate Webby.

Deal significance: The transaction comprises Queensland’s largest recorded sale of a large format retail (LFR) centre and the second-largest recorded sale Australia-wide.

Homeworld Helensvale spans over 36,000 square metres, located 60 kilometres south of the Brisbane central business district. The lot includes 7.34 hectares of developable vacant land, with preliminary approval for showroom, retail, medical and indoor recreation, and office expansion, as well as approval for high-density residential, hotel and retirement living.

Lead partner Rebecca Castley said the transaction, which was finalised in August, was significant for the client following more than a decade of growth, with the deal cementing the practice’s property team as leaders in their field.

“This was a very important transaction for our client, as the joint venture had successfully developed the shopping centre from a greenfield site over the last 16 years to become one of Queensland’s premier large format and daily needs centres,” she said.

“We worked closely with the joint venture on the sale transaction, including consulting with the appointed agents during the preparation and conduct of the ‘invitation only’ expressions of interest campaign, managing the due diligence process with interested parties, drafting the sales documentation and bringing the matter to completion.

“It’s rewarding to develop a trusted relationship with our clients and work on deals at a large scale, like this one, as there are tangible benefits not only to the local economy, but internationally as well. It also reflects the capability and expertise of our people to deliver favourable outcomes to our clients, no matter the scale.”

The ultimate buyer is Australian but has links to one of the largest property developers in Taiwan and was represented by Sia and Sia Lawyers.