CBRE has been engaged by the Mortgagee in Possession to market for sale Gladstone Central. The prominent centre is home to Gladstone’s only cinema complex, as well as a Coffee Club, NightOwl Convenience, Domino’s Pizza, Spotlight, Repco and more than 25 other retailers.
The centre, generating a net income of more than $2.3 million per annum on a fully leased basis, is expected to attract interstate and local investor interest given its strong tenancy profile, which includes several longstanding tenants as well as recent additions over the past 18 months.
The centre is situated in a high-profile location fronting Dawson Highway, surrounded by major schools and hospitals that support retail trade.
Gladstone Central comprises two separately titled centres with a total GLA of 12,579sqm and car parking capacity for 366 vehicles. The property is underpinned by a 18,914sqm landholding with 355m frontage to Dawson Highway.
CBRE’s Darren Collins and Peter Rossi have been appointed to conduct the Mortgagee in Possession sale process via Expressions of Interest.
Mr Collins said the sale represented an opportunity to acquire Gladstone’s primary convenience centre.
“As Gladstone’s major convenience-based retail destination - and home to the city’s only cinema complex - it will appeal to a broad buyer base, including investors and developers looking for a compelling value-add opportunity,” Mr Collins said.
“The strong national retail representation, which includes brands such as Spotlight, NightOwl, Dominos and Sportspower, help reaffirm it as one of Gladstone’s most popular retail precincts with consistent patronage year-round.”
CBRE’s Peter Rossi said Gladstone has come through an extraordinary peak and the economy has now normalised and returned to moderate growth.
“Massive infrastructure, mining and resources investment in the region and Gladstone’s robust and multifaceted economy makes this city a secure retail property investment destination. Regional retail assets offering attractive yields will attract buyers looking for stabilised and secure investment cashflows,” Mr Rossi said.
The Mortgagee in Possession Expressions of Interest campaign closes at 4pm (AEST) November 14.
The centre, generating a net income of more than $2.3 million per annum on a fully leased basis, is expected to attract interstate and local investor interest given its strong tenancy profile, which includes several longstanding tenants as well as recent additions over the past 18 months.
The centre is situated in a high-profile location fronting Dawson Highway, surrounded by major schools and hospitals that support retail trade.
Gladstone Central comprises two separately titled centres with a total GLA of 12,579sqm and car parking capacity for 366 vehicles. The property is underpinned by a 18,914sqm landholding with 355m frontage to Dawson Highway.
CBRE’s Darren Collins and Peter Rossi have been appointed to conduct the Mortgagee in Possession sale process via Expressions of Interest.
Mr Collins said the sale represented an opportunity to acquire Gladstone’s primary convenience centre.
“As Gladstone’s major convenience-based retail destination - and home to the city’s only cinema complex - it will appeal to a broad buyer base, including investors and developers looking for a compelling value-add opportunity,” Mr Collins said.
“The strong national retail representation, which includes brands such as Spotlight, NightOwl, Dominos and Sportspower, help reaffirm it as one of Gladstone’s most popular retail precincts with consistent patronage year-round.”
CBRE’s Peter Rossi said Gladstone has come through an extraordinary peak and the economy has now normalised and returned to moderate growth.
“Massive infrastructure, mining and resources investment in the region and Gladstone’s robust and multifaceted economy makes this city a secure retail property investment destination. Regional retail assets offering attractive yields will attract buyers looking for stabilised and secure investment cashflows,” Mr Rossi said.
The Mortgagee in Possession Expressions of Interest campaign closes at 4pm (AEST) November 14.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
