Sunshine State’s Smithfield Shopping Centre to Spark Significant Interest

Stonebridge Property Group and JLL exclusively appointed to sell the largest shopping centre north of Cairns

Smithfield Shopping Centre (Smithfield) in Far North Queensland has hit the market for the first time in 23 years, representing the first formal on market shopping centre campaign for a 100% interest in 2023.

Smithfield Shopping Centre is being exclusively sold by Stonebridge Property Group’s Carl Molony in conjunction with JLL’s Sam Hatcher and Nick Willis, on behalf of an investment mandate managed by Lendlease.

The institutionally developed and managed retail centre provides investors an opportunity to acquire a strong performing asset with exceptional underlying fundamentals.

The sub-regional asset is located on a substantial 12.4ha site, and is anchored by Coles, Woolworths, Kmart, and Event Cinemas. The centre is further supported by six mini-majors including a strong performing Dan Murphy’s and over 90 specialty tenants, and boasts an attractive weighted average lease expiry (WALE) of five years by income.

JLL’s Sam Hatcher said, “The asset generates more than $200 million per annum in major tenant sales alone and is the most productive shopping centre in Cairns, providing investors with solid fundamentals and an exceptional value proposition given the price point of the opportunity.

“Comprising the only Sub-Regional Shopping Centre in northern Cairns combined with the strategic ‘left hand bound, out of town’ positioning, ensures Smithfield captures a dominant share of both local and passing trade. Additionally, the large land holding and low site coverage of 28% provides significant opportunity for repurposing to alternative uses to extract value and diversity income,” said Mr Hatcher.

The offering comes as investment in Queensland reach new highs. According to JLL Research, Queensland retail transactions accounted for over 40% of total sales volumes in 2022 with investors gravitating towards the sunshine state.

Investors are attracted to strong interstate migration in the short term which is driving population growth as well as the economic benefits of the 2032 Brisbane Olympics in the long term.

Carl Molony said, “Smithfield Shopping Centre is an outstanding performer, with major and mini-major turnover performance approximately 70% above benchmark. Over 57 new specialty leasing deals have been completed since January 2021, highlighting very strong tenant demand”.

JLL’s Nick Willis said, “The retail market continues to perform exceptionally well given the yield arbitrage to office and industrial sectors, in addition to the yield premium as a result of debt costs. Given the performance and convenience-based nature of Smithfield Shopping Centre, along with its price point and return metrics, we expect strong investor engagement from local proactive mangers and syndicators, through to high-net-worth privates.

“Retail fundaments have been remarkably resilient despite rising mortgage costs for some households. The household savings rate has been elevated for some time resulting in a large pool of savings (estimated to be between $250-$300 billion since 2019) so household finances continue to be in a strong position to absorb the higher cost of living in the short to medium term,” said Mr Willis.

Expressions of Interest for Smithfield Shopping Centre at Captain Cook Highway, Smithfield close on Thursday 16 March 2023 at 2pm (AEDT).

For further information, please contact:

Carl Molony | +61 439 032 028 |

Latest News

View All News
March 10, 2021

9 Mornington shops to go under the hammer on behalf of Mortgagee

December 10, 2021

6 Developers and Owner Occupiers Fight for Cremorne Control Leading to 34-36 Cremorne Street Selling Under the Hammer for $5.15m

October 09, 2021

50 years in the making – sale of major St Kilda site