Manuka Terrace Shopping Centre offered for sale – set to be the first neighbourhood retail transaction in the ACT since 2015.
Stonebridge Property Group has been exclusively appointed to sell Manuka Terrace, ACT, a trophy Coles anchored neighbourhood centre, located 5km* from Canberra Civic. The sale campaign launches in early April and the property is expected to fetch in excess of $60 million.
The ACT retail investment market has been extremely tightly held in recent years, with the last neighbourhood retail centre transacting in 2015 and only 3 sales of retail assets in excess of $50 million over the past 5 years.
The 6,747 sqm* centre features a non-discretionary, food and services tenancy mix, with 70%* of gross rent secured to Coles, Liquorland, McDonalds, Australia Post and major banks.
According to independent research firm Location IQ, the Centre serves a highly affluent trade area, with per capita income levels 84% in excess of Australian Average. Population growth is forecast to grow by 2.0% p.a. to 2036, well in excess of the Australian average of 1.4% p.a.
Stonebridge Director Carl Molony said:
“Manuka Terrace is situated in an ultra-affluent pocket of inner-Canberra with excellent population growth prospects. The centre is located in a bustling town centre only 500 metres from the renowned Manuka Oval, and the strength of its location is illustrated by the performance of the car park, which generates an estimated $340k per annum in revenue”.
Stonebridge Director Jonathan Fox said:
“The tenancy profile is exactly what the retail investment market is looking for: food and services. Coles and McDonalds are trading exceptionally well, and are supported by a range of leading food catering tenants and leading services tenants such as CBA, NAB and Australia Post.”
Manuka Terrace is for sale by International Expressions of Interest closing 4pm (AEST) on 8 May 2019.
To discuss in further detail, or to arrange a presentation or inspection, please contact the exclusive selling agents Carl Molony on +61 439 032 028 or Jonathan Fox on +61 402 147 780.