A SUPA IGA anchored shopping centre, one kilometre from the new Commonwealth Games Village, has been brought to the market and is expected to fetch circa $30 million.
Crestwood Plaza at 458 Olsen Avenue, Molendinar totals 3,789 sqm and is occupied by several strong trading, national tenants which have taken long-term leases - including SUPA IGA, Dominos, BWS, Baskin Robbins, Noodle Box, Burger Urge and Uni Tab.
CBRE’s Michael Hedger and Joe Tynan, in conjunction with Knight Frank Gold Coast’s Mark Witheriff and James Branch, have been appointed to market the plaza.
Michael Hedger, CBRE Queensland Retail Investments Director, said the market is witnessing the compression of yields within metropolitan precincts, with one of the strongest performers being IGA anchored centres.
“There is currently a heightened demand for retail investments, stemming from the sector’s strong performance and the shortage of quality retail centres available for purchase. Low interest rates and strong rental growth in retail centres have also enhanced investor confidence,” Mr Hedger said.
“We are expecting significant interest from a range of buyers attracted to the plaza’s central location and heavily weighted retail tenancy mix.”
Mark Witheriff, Joint Managing Director of Knight Frank Gold Coast said: “The centre is strategically positioned on Olsen Avenue which hosts approximately 57,000 cars per day.”
“One of the major benefits for the plaza is that within the immediate catchment there have been 1200 new apartments and townhouses built as part of the Commonwealth Games Village and it is in walking distance to the 750-bed Griffith University Hospital, and the Griffith University which has a student population in excess of 18,000,” Mr Witheriff said.
Crestwood Plaza is situated alongside Bunnings Southport and provides 191 car parking bays and a net income of circa $1.8 million.
Crestwood Plaza is to be sold via an Expressions of Interest campaign, closing November 2, 2017.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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:CBG), 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 2016 revenue). The company has more than 75,000 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.
