City Centre Plaza, Rockhampton, QLD will formally be presented to the market via an expressions of interest campaign closing 4pm Wednesday 19 September 2018 by JLL’s, Jacob Swan and Sam Hatcher and Stonebridge Property Group’s, Jonathan Fox and Carl Malony on behalf of the vendor, Centuria.
City Centre Plaza, is strategically positioned in Rockhampon, a central QLD hub most renowned for its agriculture and manufacturing sectors. The centre is centrally located in the CBD, with four street frontages to major arterial roads. The asset is one of the main shopping destinations servicing the central Queensland region and is anchored by a strong performing 3,717sqm Coles Supermarket and 6,846sqm Target DDS with 32 supporting specialty tenants.
JLL’s Jacob Swan said the centre provides immediate opportunity for an incoming owner to undertake a strategic remixing of the specialty leasing, with a number of options advanced and able to be immediately implemented.
“The defensive nature of these non-discretionary-based assets continues to appeal to the market.”
Stonebridge’s Jonathan Fox said interest is anticipated from private investors, syndicators and funds management groups who are actively seeking to invest in quality retail offerings, with scope.
“The low-volatility of the spending profile of prime CBD assets in strong regional cities, presents an ideal vehicle for capital preservation, while also providing a stable and attractive running yield.”
City Centre Plaza was most recently refurbished in 2015 and is the only shopping center south of the Fitzroy River in the heart of Rockhampton. In addition to Coles and Target the centre features a number of national specialty operators including national brands BWS, EB Games, Jay Jays, Terry White Chemist, Sanity, Rockmans and Madhouse Discount Stores.
JLL’s Sam Hatcher said there was significant growth to be had locally.
“The Rockhampton Region has a resilient and relatively stable economy compared with other more mining and tourist based towns in Northern and Central Queensland, given the large agricultural base.”
Expressions of interest close Wednesday, 19 September 2018.
For further information, please contact Stonebridge Directors Carl Molony +61 439 032 028 and Jonathan Fox +61 402 147 780.