An opportunity to acquire a high-performing Coles-anchored sub-regional shopping centre on the NSW Mid North Coast has opened up offering syndicators and funds attractive risk adjusted returns with the ability to reposition the asset to drive further value.

The 29,740 square metre site at 81 Manning Street, Taree comes with a total of 10,723 square metre in GFA and is anchored by Coles and Target, and supported by four mini majors, 23 specialties, three kiosks, and an ATM.

Manning Mall is a single-level, enclosed sub-regional shopping centre in Taree, located 320km north of Sydney via the M1 Pacific Motorway and serving as a central retail destination within the region.

The Colliers team of James Wilson and Ben Wilkinson have been exclusively appointed on behalf of vendor, Elanor, with price expectations north of $35 million.

Wilson said: “Manning Mall offers sophisticated investors the rare opportunity to acquire a high-performing sub-regional shopping centre with attractive risk adjusted returns. The Centre marks the first NSW non-metro sub-regional shopping centre to be publicly marketed in 2024, helping to alleviate pent-up demand from investors looking to acquire an asset that provides wealth creation and preservation, compared to other asset classes.”

Wilkinson added: “With a strong WALE of more than five years and 75% of GLA secured by national tenants, Manning Mall presents itself as a dominant centre within the catchment, further reinforced by Coles trading at a sub-3% occupancy cost. Strong value-add potential and the ability for positive rental reversion, with average specialty rents being 29% below Urbis benchmark, further add to the value proposition of the centre.”

The centre features 422 on-grade car spaces on title at 3.9 spaces per 100 square metres of GLA, alongside significant frontage to Manning Street, allowing for the creation of external QSR pad sites. These features further drive the centre’s income protential, while providing flexibility to subdivide upon completion.

Manning Mall serves as a primary shopping and service centre for the Mid Coast Local Government Area, with the area employing sectors including retail, public administration, healthcare, education and construction.

A 100% interest in Manning Mall is being offered for sale via an Expressions of Interest (EOI) campaign closing at 2pm on 28 August 2024.