Colliers International negotiates the sale of the neighbourhood shopping centre south of Brisbane at 9 per cent yield.
Sentinel Property Group has added Jimboomba Junction, a 6,000sq m Coles anchored neighbourhood shopping centre to its growing investment portfolio, making this $20 million purchase its fifth retail asset acquisition in Queensland this year.
Stewart Gilchrist, National Director of Retail Investment Services at Colliers International who marketed the property located south of Brisbane said it attracted exceptional investor interest with over 100 enquiries recorded during the five week campaign.
“Enquiries predominantly came from Australian private investors, syndicate groups and property trusts and nine offers were received. Sentinel Property Group was in the market at the right time as they are growing their property portfolio nationally, completing a total of six retail property acquisitions this year.
“There are a number of reasons why this investment is so tightly held. A major benefit is the long term lease to Coles which is supported by the national retailers Priceline and Reject Shop and 13 other specialty stores.
“Coles has a 15 year lease and its turnover has been averaging over 10 per cent growth over the past four years,” Mr Gilchrist said. “The centre brings in a net income of about $1.8 million per annum.
“Another investment benefit is that the shopping centre is based in one of the strongest growing neighourhoods in Queensland,” Mr Gilchrist said. “Jimboomba’s main trade area population growth is expected to be a massive 6.8 per cent per annum over a 13 year period to 2026. This is far higher than the overall Queensland figure of 1.8 per cent per annum.
“The 1.8 hectare site, located just west of the Mount Lindsay Highway in the commercial hub of Jimboomba, was previously owned by an interstate private investor who substantially extended and refurbished the centre in 2008,” Mr Gilchrist said. “Jimboomba was placed on the market as the owner was committed to another larger project interstate,” said Mr Gilchrist.
Jimboomba Junction is a busy modern convenience and serviced based neighbourhood shopping centre situated within the rapidly growing catchment. The Centre comprises five separate and interconnected buildings featuring a Coles supermarket, two mini majors, 13 specialty stores and 3 professional office suites on the first floor.
The two mini majors include Priceline Pharmacy and The Reject Shop. Other retailers include Red Rooster, Zaraffa’s Coffee, Brumbys Bakery, Jimboomba Medical Centre, Physiotherapy, Newsagent, Westpac Bank, Elders Real Estate, Haircare, Florist, Seafood and Indian fast food. A Caltex Service Station is also included on the Cusack Lane frontage.
Car parking onsite comprises 281 total spaces, with 133 on grade ground car parks fronting the tenancies and 148 car parks at the sub-ground level serviced by a passenger/goods lift and ramps.
Jimboomba Junction is centrally located in Jimboomba about 50 kilometres south west of Brisbane and 30kms west of the Gold Coast. The Mount Lindsay Highway is a major arterial thoroughfare linking Jimboomba to the south western suburbs of Brisbane including Browns Plains, Logan City, Sunnybank and Mount Gravatt.
Since March 2008 Jimboomba has been part of the Logan City Council local government area and together with Flagstone and Yarrabilba forms an important growth corridor of the South East Queensland Regional Plan 2009 to 2031.