Stonebridge’s Philip Gartland and Jonathan Fox, alongside First Asset Management’s Angelo Efstathis, have been exclusively appointed to market for sale Rockhampton CBD’s dominant and only shopping centre, City Centre Plaza.
City Centre Plaza is a premium sub-regional shopping centre anchored by Coles and Target, covering 13,885 sqm of total lettable area and is 99% occupied by area. The asset has an impressive tenancy mix comprising 28 specialty shops, including national brands BWS, Terry White Chemists, Rockmans, Kaisercraft and Homedock. The centre offers convenient at-grade and basement access to 440 parking spaces, reflecting 3.2 cars per 100 sqm of lettable area. City Centre Plaza occupies a prominent 21,380 sqm land holding with four street frontages and mixed-use potential, featuring a 20 metre height limit1.
The Centre is strategically positioned in the heart of the growing Rockhampton region and is the only shopping centre in Rockhampton’s CBD. City Centre Plaza services a Main Trade Area of over 125,000 people with exposure to a diverse and resilient local economy due to its large agriculture base, major coal mines in the region, and tourism, with the Capricorn Coast, the gateway to the Great Barrier Reef, a 30 minute drive from Rockhampton2.
Stonebridge’s Mr. Gartland highlighted the attractiveness of the asset, commenting,
“the centre boasts a strong income profile with growth potential, with average gross specialty rents and occupancy costs 48% and 29% below industry benchmarks3, respectively. In addition, the Coles supermarket lease has recently been extended to 2030, with 2 x 5 year options, and Coles is trading above turnover rent threshold4".
Stonebridge’s Mr. Fox commented on the outstanding repositioning opportunities of this offering, stating:
“The centre’s major tenant, Target and Coles, present an exciting opportunity for value-creation due to the potential for large format retail conversion, additional mini-majors, such as a larger pharmacy provision, variety store, fresh product retail, to name a few, as well as destinational non-retail uses such as childcare, gym and other health facilities to complement the existing medical centre”.
Since taking over the management of City Centre Plaza in January 2023, Angelo Efstathis and his team at First Asset Management have revitalized City Centre Plaza, achieving remarkable results. Rental arrears are now at an all-time low through improved tenant engagement, vacancy rates are minimal, and the centre’s WALE has been improved through the conversion of monthly tenancies to fixed term leases. Beyond leasing, strategic improvements like upgraded marketing campaigns, comprehensive repair upgrades, and state-of-the-art technology have further enhanced the property's value. City Centre Plaza is now an exceptional opportunity for investors seeking a stable and high-performance regional asset, primed for continued success.
For further details, please contact:
Philip Gartland | +61 403 582 324 | pgartland@stonebridge.com.au
Jonathan Fox | +61 402 147 780 | jfox@stonebridge.com.au
* Approx.
1 Rockhampton Region Planning Scheme 2015
2 Location IQ
3 Urbis benchmark for Single DDS Based Shopping Centres
4 Based on the Dec-23 Moving Annual Turnover
About Stonebridge
Stonebridge Property Group is a tier one commercial real estate agency specialising in the sale, leasing and management of retail property and mixed-use development sites. Operating across Australia and New Zealand across all price points, Stonebridge has completed over $5 billion in transactions.
For further information, please contact Stonebridge on +61 2 9254 9900 or visit www.stonebridge.com.au.
