A 100% interest in Market Central Lutwyche is being offered to the market, providing investors with an opportunity to acquire a 2.15-hectare mixed-use incoming producing land holding in inner metropolitan Brisbane, underpinned by a rare triple-supermarket anchored offering.
Stonebridge’s Carl Molony, Philip Gartland and Justin Dowers alongside JLL’s Nick Willis and Sam Hatcher, have been exclusively appointed to sell Market Central Lutwyche via an Expressions-Of-Interest campaign.
Mr. Molony said,
“The demand from capital for prime metropolitan assets such as Market Central Lutwyche is extremely strong particularly in a market where the supply of assets publicly available for sale has reached a new low. The Centre is among a rare collection of triple-supermarket anchored shopping centres being one of only three triple supermarket neighbourhood centres in Queensland and one of only eleven nationally.”
Situated in an affluent inner-north Brisbane suburb, Market Central Lutwyche is a high performing convenience focused retail offering with a strong weighting towards non-discretionary, services, food and government tenants. The supermarket anchors, Coles, Woolworths and ALDI, together generate over $121 million[1] in sales and are well supported by 2 mini-majors, 29 specialities, 10 kiosks and 14 office tenancies. The Centre benefits from 760 undercover car spaces with two vehicular access points, providing significant permanent and temporary car parking income.
Mr. Willis commented,
“Following a strong finish to 2023, where we saw approximately 60% of all transactions occur in the final quarter, 2024 has seen a significant reduction in formal on-market opportunities. Market Central Lutwyche will be the first institutional grade opportunity to be offered to market in metropolitan Brisbane this year and will provide capital an opportunity to acquire a dominant asset in the robust and growing South East Queensland market”.
Market Central Lutwyche has undergone a major evolution, with a successful $77 million[2] redevelopment completed in 2019 including a refurbished Coles, the introduction of a full-line Woolworths supermarket and relocated ALDI supermarket, a medical precinct and an office hub predominately secured by government-funded tenants.
Mr. Gartland outlined,
“The redevelopment is expected to deliver significant depreciation benefits to an incoming purchaser with approximately 33% of first year fully leased net income sheltered by depreciation allowances, as estimated by PEP Solutions”.
Mr. Hatcher explained,
“Brisbane continues to be extremely tightly held for core non-discretionary based offerings, with majority of owners being privates and long term owners. Over the last 5-years, only three neighbourhood centres above $100 million in Brisbane have transacted, further outlining the tightly held nature of the market.”
Market Central Lutwyche is strategically positioned within an affluent metropolitan catchment with average per capita income in the Main Trade Area 35.8% above the Greater Brisbane average[3]. The Centre is on the doorstep of major infrastructure investment in the lead up to the Brisbane 2032 Olympic Games, supported by the Queensland State Budget 2023-24, with a four-year $89 billion capital program, the largest in the State’s history.
The offering is the only centre to provide two full-line supermarkets in the main trade area, outlining the significant under-representation of supermarket floor space in the catchment, which is 48% below the Greater Brisbane benchmark3.
The site offers a long term land bank, with mixed-use zoning and a height limit of up to 12 storeys[4].
Market Central Lutwyche is available for sale through an expressions of interest campaign, with offers due on 19 June 2024 at 4:00pm (AEST).
[1] As at Apr-24
[2] Net of GST
[3] Location IQ
[4] Archistar, Brisbane City Plan 2014
