Queensland’s retail investment market continues to gain momentum, with the sale of Poinciana Place Shopping Centre in Noosa tipped to attract international and domestic buyer interest.
CBRE’s Peter Rossi and Joe Tynan, in conjunction with Savills, have been appointed to steer the sale campaign of Poinciana Place – a 2,400sqm neighbourhood centre anchored by a full line Woolworths supermarket.
Located in the suburb of Tewantin - approximately 7km from Noosa Heads – the centre is fully leased, featuring a specialty tenancy mix of 10 predominantly non-discretionary retailers, including Gloria Jean’s Coffee, Hang Loose Property Noosa and BWS.
Developed for Woolworths by Stockwell in 2006, the centre has a strong leasing history, with seven of its tenants having been in occupation since its opening. The centre offers a long WALE of 8.05 years by area and 6.59 years by income.
CBRE Director, Queensland Retail Investments, Peter Rossi said the property’s attractive tenancy profile and proven performance would underpin strong buyer interest.
“Being 80% leased to Woolworths and BWS, Poinciana Place offers an attractive opportunity to secure an above industry benchmark asset in a location earmarked for significant growth over the coming years,” Mr Rossi said.
“The sale comes after a number of neighbourhood centre sales in Queensland over the past six months, with all of these achieving a competitive yield of 6.00% or tighter.”
Mr Tynan said the centre’s prominent position on Poinciana Avenue would ensure its position for continued success.
“Located in the bustling Tewantin village retail precinct, Poinciana Place provides a high level of convenience to the community, as well as an easy shopping solution and alternative to Noosa Civic, which is preparing to undergo redevelopment,” Mr Tynan explained.
Poinciana Place is being offered for sale by Expressions of Interest closing October 27 at 3pm (QLD time).
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.
