ASX-listed Gowing Bros. Limited (Gowings) has appointed CBRE to offer for sale its Moonee Market shopping centre located in NSW’s Coffs Harbour district.
Located on Pacific Highway, approximately 10kms north of the Coffs Harbour CBD, Moonee Market is a 10,142sqm neighbourhood shopping centre, anchored by a strong performing Coles supermarket.
Situated on a 21,700sqm landholding, the centre is home to a diverse range of retailers, including childcare, swim school, dog grooming centre, medical centre and dining precinct. The centre provides value-add opportunities and has a net annual income of approximately $2.1 million.
Gowings’ CEO John Gowing commented: “Since acquiring the asset in 2010, we have undertaken a regeneration of Moonee Market, developing a blend of retail and services to make this a focal point for the local community as well as passing tourist traffic. We have done this through our understanding of the local community, particularly with the strong residential growth in the surrounding area. As an ASX-listed investment company with more than 150 years of history, Gowings continually reviews its asset class allocations and portfolio of investments.”
CBRE’s Nick Willis and Michael Hedger have been appointed to market the property on behalf of Gowings.
Mr Willis said the sale campaign coincided with growing investment interest in the neighbourhood shopping centre market.
“In the current market, there has been a shift in investor demand to non-discretionary based retail assets that provide a defensive income stream. With quality neighbourhood shopping centre supply remaining constrained, particularly in NSW, opportunities such as Moonee Market will appeal to broad investor demand,” Mr Willis said.
“The robust performance of non-discretionary retail centres, particularly those with service destinations and experiential offers like Moonee Market, remain in strong demand.”
Mr Hedger indicated ongoing private and government investment in Coffs Harbour, including the new $1.2 billion bypass, would continue to position the city as a favourable destination for capital in the region.
“Due to its strategic position between Sydney and Brisbane, its diverse economy and lifestyle attributes, Coffs Harbour is reaping the benefits of significant government and private infrastructure spending and is rapidly evolving,” Mr Hedger said.
Located on Pacific Highway, approximately 10kms north of the Coffs Harbour CBD, Moonee Market is a 10,142sqm neighbourhood shopping centre, anchored by a strong performing Coles supermarket.
Situated on a 21,700sqm landholding, the centre is home to a diverse range of retailers, including childcare, swim school, dog grooming centre, medical centre and dining precinct. The centre provides value-add opportunities and has a net annual income of approximately $2.1 million.
Gowings’ CEO John Gowing commented: “Since acquiring the asset in 2010, we have undertaken a regeneration of Moonee Market, developing a blend of retail and services to make this a focal point for the local community as well as passing tourist traffic. We have done this through our understanding of the local community, particularly with the strong residential growth in the surrounding area. As an ASX-listed investment company with more than 150 years of history, Gowings continually reviews its asset class allocations and portfolio of investments.”
CBRE’s Nick Willis and Michael Hedger have been appointed to market the property on behalf of Gowings.
Mr Willis said the sale campaign coincided with growing investment interest in the neighbourhood shopping centre market.
“In the current market, there has been a shift in investor demand to non-discretionary based retail assets that provide a defensive income stream. With quality neighbourhood shopping centre supply remaining constrained, particularly in NSW, opportunities such as Moonee Market will appeal to broad investor demand,” Mr Willis said.
“The robust performance of non-discretionary retail centres, particularly those with service destinations and experiential offers like Moonee Market, remain in strong demand.”
Mr Hedger indicated ongoing private and government investment in Coffs Harbour, including the new $1.2 billion bypass, would continue to position the city as a favourable destination for capital in the region.
“Due to its strategic position between Sydney and Brisbane, its diverse economy and lifestyle attributes, Coffs Harbour is reaping the benefits of significant government and private infrastructure spending and is rapidly evolving,” Mr Hedger said.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
