Substantial investment opportunity expected to attract major investor interest due to its income stability, rent levels and quality tenant mix
A convenience centre in Brassall has been placed on the market by a Sydney based investor and is likely to attract significant local investor interest. A similar sales campaign which has just been successfully concluded by Colliers International for the nearby Brassall Shopping Centre attracted in excess of 100 local and international enquiries and several offers.
Stephen Kidd, Director of Retail Investment Services at Colliers International and Andrew Dean of Matrix Properties are marketing the property at 90-96 Pine Mountain Road via an Expression of Interest campaign which closes at 4pm on 27th November.
Mr Kidd said the fully refurbished commercial property comprises a solid mix of 12 tenants including anchor tenant IGA Supermarket with fully leased net income of approximately $498,000 per annum.
“The centre which was substantially refurbished and expanded in 2011 presents well and offers a new owner substantial income stability as it has a diverse and good quality tenant mix, most of who have been trading in the centre for a long term.
“The rents in the centre are considered modest with the average rate of approximately $330 per square metre, allowing for substantial future income growth and long term tenant stability.
“The centre is trading well and this is showcased by IGA who recently replaced Foodworks as the anchor tenant. Their turnover has trebled reflecting the accelerated growth in store patronage with the additional traffic providing significant support to the balance of the centre.
“Being located in a long established and growing trade area of some 20,000 residents, the centre has a high profile corner position and is exposed to substantial vehicle and footpath traffic to and from the Ipswich CBD and northern suburbs. The centre is also just a short walk from both the Brassall Primary School and Ipswich State High Schools.
The shopping centre is located on a massive 5,920sq metre site and features a gross leasable area of 1,482sq m. Car parking is provided for 80 vehicles plus more on the street.
The diverse tenant mix is anchored by a newly completed IGA Supermarket and comprises a solid range of food, alcohol and men’s and women’s grooming services.