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News release

QUEENSLAND

Gladstone Central placed on the market as the demand for regional retail assets continues to grow


Gladstone Central, which encompasses two individual centres, will be offered for sale individually or in-one-line via a formal expressions of interest campaign, closing 17 March 2016.

JLL Directors of Queensland Retail Investments Mr Jacob Swan and Mr Sam Hatcher have been exclusively appointed to market the property under instructions from Mr Chris MacDonnell of Restructuring Solutions as agent for the mortgagee in possession.

Mr Swan said that 2015 was a record year for the Queensland retail investment market with transaction activity reaching levels not seen before, new benchmarks for yields and consistent pricing. "Regional Queensland's strong underlying property fundamentals and diverse economic base has contributed to investors taking a long-term approach, which has been reflected in continued high-levels of investment from domestic and international investors," he said.

"Gladstone Central is considered to be the premier entertainment precinct in Gladstone with a high performing cinema and national food and beverage operators. The centre provides a diverse tenancy profile with major banking, medical and fitness occupiers complementing the entertainment uses."

Spotlight Centre encompasses 8,613sqm of retail space with two major anchors, Spotlight and Gladstone Cinemas, supported by two (2) mini-majors and 24 specialty tenancies. The Centre benefits from strong representation of major tenants including the only cinema and Spotlight within the trade area, Suncorp Bank, Bank of QLD, Anytime Fitness and Medibank Private.

The NightOwl Centre is a convenience and food and beverage based centre encompassing 3,965sqm of retail floor area across one (1) mini-major, 20 specialties and one (1) ATM. The centre's position as the dominant food and beverage centre within the region is underpinned by its representation of major national brands including Dominos, The Cheesecake Shop, The Coffee Club, NightOwl, Subway and Gloria Jeans.

Fellow JLL Director of Queensland Retail Investments, Mr Sam Hatcher said the Gladstone market had traditionally been tightly held. "The opportunity to acquire two well established centres that are part of the local retail fabric will be of appeal to the market," he said.

The centres serve a significant trade area with the total trade area population was estimated at around 55,500 in 2015, including 35,090 and 9,690 residents in the main trade area and primary trade area respectively. The total trade area population is projected to reach over 75,000 by 2026, including over 44,000 residents in the main trade area, reflecting an average annual growth of 2.8% over the forecast period.