A Gold Coast neighbourhood shopping centre occupying a 1.22 hectare site has hit the market, with strong interest from retail and ‘land bank’ investors anticipated.
Colliers experts James Wilson, Harry Dever, Tony Wang and Steven King are presenting the opportunity to acquire the neighbourhood shopping centre, located 6km north of the Gold Coast CBD and 65km southeast of Brisbane CBD.
The 3,848 square metre neighbourhood shopping centre is anchored by Supa SPAR and supported by an additional 23 supporting specialty tenancies including Pizza Hut, BWS and Domino’s.
Colliers head of retail middle markets, James Wilson said, “Crestwood Plaza offers investors an opportunity to acquire a rare freehold neighbourhood shopping centre positioned in the heart of the Gold Coast, in one of the fastest growing cities in Australia.
“Demand from both onshore and offshore private investors for investments anchored by supermarkets has demonstrated remarkable resilience amidst the current economic climate. The demand can be attributed to the secure income profile and non-discretionary nature of such investments, coupled with their strategic positioning and inherent long-term development prospects.”
Colliers associate director of retail middle markets, Harry Dever added, located adjacent to the $5 billion health and knowledge precinct catering to university students, professors, health professionals and healthcare workers and with direct connectivity to Smith Street Motorway servicing 42,000+ cars, was truly a unique position.
“A low site coverage ratio of 31.6% allows for future development upside and value add opportunities,” he said.
“Queensland emerged as the leading market nationwide for neighbourhood shopping centres in 2023, boasting a total investment volume of $348 million, constituting 30% of neighbourhood centres.
“Demand for these sorts of assets is primarily fuelled by the enduring strength of essential retail expenditure in Queensland, which remains resilient, with 7% growth in supermarket spending within Queensland over the 12 months leading up to February 2024.”
Colliers director of Asia markets, Tony Wang said, “The landscape was predominantly shaped by investors and affluent individuals both onshore and offshore who are leveraging counter-cyclical market conditions and innovative funding approaches to secure assets, comprising 66% of all investments in the neighbourhood market”.
Crestwood Plaza boasts a secure long WALE of 4.25 years by Income, with national and chain tenants accounting for 74% of GLA and 71% of income. Colliers are exclusively marketing Crestwood Plaza via an Expressions of Interest campaign closing 2pm (AEST) on Tuesday 2 July 2024.