A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
The Queensland site is expected to draw interest from investors seeking secure income from a national anchor tenant.
Brought to market by RWC Retail in conjunction with Cushman & Wakefield, 130-134 Gympie Rd, Strathpine is a 4,649 sqm centre 17km north of the Brisbane CBD, situated on an 11,690 sqm landholding with 77m of street frontage..
A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
Officeworks, a wholly owned subsidiary of ASX-listed Wesfarmers, has anchored the centre since 2010 and is leased through to 2030.
The remaining tenants include indoor trampoline park Flip Out Strathpine, Pine Rivers Art Gallery and Best Start Possible, with one vacancy covered by a twelve month rent guarantee that is included in the net income.
The fully leased site provides a yearly net income of $986,787 + GST.
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A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
RWC Retail partner and head of QLD Michael Feltoe said the centre combined a secure anchor tenant with a type of asset that is increasingly difficult to find.
“Large format retail centres with an anchor as strong as Officeworks are seldom coming to market at the moment, let alone centres with additional upside from rental growth,” Mr Feltoe said.
“There is so little supply for tenants in metro markets that demand and rents are being pushed higher.”
The centre also offers 160 on-site car parks and has had more than $150,000 spent on new airconditioning.
A large format retail centre anchored by Officeworks has hit the market, generating nearly $1m in annual income.
Cushman & Wakefield senior executive Luis Plazibat said the location and current rents leave room for a buyer to grow income.
“You’re getting more than 194,000 vehicles a week past the door on Gympie Road, in what is the retail hub of Brisbane’s northern corridor,” Mr Plazibat said.
“Then you add a council area heading towards 800,000 people by 2046 and average rents of $257 per square metre, and there is plenty of room to grow the income from here.”
The centre is for sale by expressions of interest, closing November 11.