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Unique opportunity to acquire two brand new Woolworths anchored Neighbourhood Shopping Centres
BRISBANE, 21 August 2013 – An overdue market reset will be fast tracked with this week’s announcement of two convenience oriented neighbourhood shopping complexes for sale in North Queensland and on the Gold Coast.
The 100% freehold interest in Marian Town Centre, West Mackay and Pimpama Junction on the Gold Coast are for sale on behalf of developer, Tipalea Partners; the assets are for sale individually or in one line.
Both situated in high growth Queensland locations, the centres both benefit from brand new 20 year leases to Woolworths and a strong mix of national and local specialty operators and are due for completion in early 2014.
The sale of the centres, available either individually or in one line, is being handled by Jones Lang LaSalle’s Jacob Swan and Sam Hatcher, with Mr Swan saying strong interest is expected from private and institutional investors.
“The opportunity to acquire two, high quality Woolworths anchored neighbourhood centres with the added incentive of significant savings on stamp duty, has not been seen in QLD in the current market cycle.”
“The two brand new centres offer geographic diversity, effective and efficient design with all car parking at grade, and a strong mix of national and local specialty operators,” he said.
Managing Director of Tipalea Partners, Scott Spanton said, “The opportunity to offer the centres to the market has been identified due to a significant lack of available investment opportunities, the positive interest rate and funding environment, and the quality of the completed product of both centres.”
“Both centres are under construction, with the sale method providing the incoming owner the opportunity to take out the development on completion, or take advantage of significant stamp duty savings via immediate settlement and subsequent fund-through of the remaining development costs by way of a development agreement with Tipalea Partners,” said Mr Swan.
On completion, Marian Town Centre will be a dominant convenience orientated neighbourhood shopping complex, securely anchored by a full-line Woolworths supermarket together with a Mitre 10, Reject Shop, 12 specialty shops, medical precinct, Woolworths Petrol service station, 3 ATMs and a DVD Kiosk.
The main centre presents a Gross Lettable Area of 5,576sqm and provides on-site at grade car parking for 320 vehicles; Mitre 10 provides 1,100sqm of GLA.
Construction, by Mainbrace Constructions has already commenced, with the centre anticipated to open and be trading in early 2014.
Mr Swan said the Centre offered a highly secure income stream and tenure, with Woolworths Supermarket committed until 2034 via a 20 year lease. “As a fully leased investment, Marian Town Centre will generate a net income of $2,242,000pa.”
Similarly designed as a modern neighbourhood centre with a GLA of 5,450sqm and 300 at grade carparks, Pimpama Junction is anchored by a full-line Woolworths Supermarket, along with medical precinct, 17 specialty shops, 2 ATMs and DVD Kiosk. The centre is under construction by Hutchinson Builders and is due for opening in early 2014.
“With Woolworths Supermarket committed until 2034 via a 20 year lease, Pimpama Junction represents a fully leased investment net income of $2,347,000pa,” said Mr Swan.
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