GROWING PLAZA UP FOR GRABS
MOLENDINAR’S Crestwood Plaza has hit the market following two expansions to the centre’s footprint during the past three years.
The 3789sq m shopping centre, anchored by a 1440sq m IGA supermarket, was bought by Adelaide-based Prime Space Projects for $12.8 million in 2010.
It is expected to sell for about $30 million.
The latest expansion of Crestwood Plaza, which occupies 1.2ha at 458 Olsen Ave, was completed several months ago and has lifted the number of tenants to 25.
A medical centre and legal firm are two new additions to the tenancy list.
Other businesses include Dominos, BWS, Baskin-Robbins, Noodle Box, Burger Urge and UniTab.
IGA has three years left to run on its lease while national tenants have five to sevenyear terms.
Knight Frank Gold Coast’s Mark Witheriff and James Branch are marketing the property together with CBRE’s Michael Hedger and Joe Tynan.
Mr Witheriff said the centre had expanded to meet demand from a growing population amid extensive development in the area.
“It is set up for convenience shopping with the IGA supermarket and the food and beverage component catering to the local catchment area,” he said.
“One of the major benefits for the plaza is that within the immediate catchment there have been 1200 new apartments and townhouses built as part of the Commonwealth Games Village and it is within walking distance to the 750bed Griffith University Hospital, and Griffith University.
“There is high demand for retail investments, stemming from the sector’s strong performance and the shortage of quality retail centres available for purchase. We are expecting significant interest from a range of buyers.”
Crestwood Plaza has 191 car parking spaces. An expressions-of-interest campaign closes on November 2.