Stonebridge Property Group and JLL, on behalf of AMP Capital, are pleased to present for sale a 50% interest in Stockland Townsville, QLD.
Stockland Townsville is a dominant Major Regional Shopping Centre on a 9.9 hectare landholding with significant value-add potential.
The key highlights of the opportunity include:
- Dominant Major Regional shopping centre with a vast draw – Myer is the only department store within 345 kilometres
- Excellent location fundamentals. Townsville is a highly connected and diverse economy and is a focal point for state and federal infrastructure investment
- Anchored by Myer, Woolworths and Big W and supported by 7 mini majors, 130 specialty shops and 20 kiosks over a total GLAR of 44,864 sqm
- Long major tenant WALE of 13.8 years (by area) and 92.5% of area secured to national/chain retailers
- An extremely resilient asset, with arrears at less than 3% of passing gross income and 35 leasing deals completed in 2021
- Excellent specialty metrics, with a low average occupancy costs ratio of 13.5% and average gross rentals 27% below benchmark
- Outstanding 9.9 hectare site, including 2.6 hectares of development land
- Significant value-add potential. Indicative concepts have been prepared for pad site, large format retail, entertainment and supermarket uses (subject to approvals).
- Fully leased net operating income of $20.1 million per annum*
*net income reflects 100% share
A 50% interest in Stockland Townsville is for sale by Expressions of Interest closing 2pm (AEDT) on Thursday 9th December 2021.
For further information, please contact the Stonebridge team.