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RetailStaff WriterWed 28 Jun 17

Brisbane’s Best Performing Neighbourhood Centre Comes To Market

Marketplace-Warner-Heli-Press-10_620x380

MarketPlace Warner, a neighbourhood centre regarded as the best in Queensland thanks to its anchor tenants, will be put on offer amidst a tightly held market in 2017.

Neighbourhood shopping centres have remained tightly held with only $347.6 million transacted this year, compared to a total of $1.6 billion in 2016.

JLL Queensland Retail Investment Director Jacob Swan said 15 neighbourhood centre transactions have occurred this year, and nine of those have been in Queensland, highlighting investor confidence within Queensland’s retail market.

“Given the strong pent-up demand for prime neighbourhood centres coupled with the limited quality stock, we anticipate considerable domestic and offshore interest for this centre.”

He said private investors, syndicators and funds management groups were still actively seeking to invest in neighbourhood shopping centres, with competition for quality centres remaining strong.

“The defensive nature of these non-discretionary-based assets continues to appeal to the market.”

“The low-volatility of the spending profile within prime neighbourhood centres presents an ideal vehicle for capital preservation, while also providing a stable and attractive running yield," Mr Swan said.

MarketPlace Warner is considered a ‘best in class’ neighbourhood centre anchored by a dominant Woolworths supermarket and Aldi. The Woolworths supermarket is believed to be one of the best performing Woolworths supermarket’s in Queensland by MAT, with turnover well above Urbis benchmarks for a double supermarket anchored shopping centre.

It was redeveloped in 2014 to include a newly refurbished Woolworths supermarket of 4,485 square metre, a new Aldi supermarket of 1,553 square metres and 37 specialties, providing a mix of non-discretionary, service and fresh/fast food uses with the town centre-style layout on a site area of approximately 6.5 hectares.

The offering also includes a freestanding development pad site of 2,456 square metres, freestanding Goodstart Early Learning Child care and an adjoining balance land component of 4,305 square metres.  The centre provides a total combined GLA of 11,477 square metres and over 500 at grade car parks.

JLL’s Sam Hatcher said there was significant growth to be had locally.

“We see growth in the retail spend and rental profile being realised through a large population of almost 70,000 in the Main Trade Area, projected to increase at 1.7% to 87,280 persons by 2036. In addition there are a total of 712 new dwellings under construction in the catchment/region, due to be completed in 2020.

“Total trade area retail expenditure is estimated at $905.5 million and is projected to grow to an impressive $2.3 billion by 2036, representing an average growth rate of 4.6%.”

“The centre contains the largest supermarket in the Main Trade Area, allowing it to capitalise on the considerable forecast population growth and retail expenditure in the trade area.

"There is no known planned completion within the Total Trade Area which would impact its future growth.”

RetailAustraliaFinanceReal EstateSector
AUTHOR
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"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
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Article originally posted at: https://www.theurbandeveloper.com/articles/brisbanes-best-performing-neighbourhood-centre-comes-to-market