Money chasing shopping dollar
A RARE offering of two wellestablished neighbourhood shopping centres at Townsville and Charters Towers is forecast to attract strong interest from investors.
Rising Sun Shopping Centre in Townsville and the Town Plaza Shopping Centre in Charters Towers are set to be offered to the market by Peter Tyson and Jon Tyson of Savills Retail Sales in an expressions of interest campaign closing in late August.
The centres are being sold on behalf of MAB Funds Management Ltd and are available in one line, or separately.
Rising Sun Shopping Centre, on Ross River Road at Mundingburra, is anchored by a Coles supermarket and has 11 specialty shops.
Town Plaza Shopping Centre is in Charters Towers’ main street and is anchored by a Woolworths supermarket and has 10 specialty shops and an ATM.
Peter Tyson said convenience- based neighbourhood shopping centre assets, anchored by major supermarkets, were highly sought- after by investors.
He said a record weight of capital from a wide range of in- vestors, including private buyers, syndicates and listed trusts, was increasingly chasing limited opportunities that become available in the sector.
“We expect these two centres in Townsville and Charters Towers to generate strong investor inquiry as offerings such as these are rare in the current market,” he said.
“There have only been a limited number of neighbourhood shopping centres on the open market in North Queensland in recent years, so these centres will attract plenty of attention from buyers seeking quality retail investment ex- posure in these strategic locations.”
Rising Sun Shopping Centre is set on a 9393sq m site and features a total lettable area of 3540sq m.
Coles is supported by a specialty mix including national retailers Brumby’s Bakery, Subway, a pharmacy and TAB as well as a butcher, cafe and newsagency.
Town Plaza Shopping Centre is set on a 7782sq m site in Gill Street and features a total lettable area of 3584sq m.
Woolworths is supported by a specialty tenancy mix including national retailers.