Gubuda - Gordonvale Shopping Centre up for sale

Gubuda - Gordonvale Shopping Centre in Cairns has been listed for sale by the Woolworths Group as the neighbourhood investment sector continues to be highly sought after. 

CBRE’s Michael Hedger, Joe Tynan, James Douglas and Danny Betros are managing the sale via an Expression of Interest campaign, closing 30 March.

The recently constructed 3,880sqm shopping centre is anchored by a 3,315sqm lease to Woolworths supermarket and has a fully leased net income of $1.29 million per annum, representing a 8.6- year WALE by income from a diverse national and chain tenant profile.

“Despite ongoing interest rate rises, the neighbourhood investment sector continues to be a highly sought after asset class given the income profiles generally have a high weighting towards non-discretionary retailers and are underpinned by genuine growth,” Mr Hedger said. 

The Centre occupies a high profile, 20,580sqm site along the Bruce Highway, 18km south of the Cairns CBD, and is set to benefit from significant population growth within the region 

An additional 15,858sqm site over four individually titled lots will be offered for sale at the same time separate to the Centre. Each land parcel has been benched and serviced with approvals in place for future development of a range of uses such as a Quick Service Retail facility or a Service Station. 

Mr Tynan added, “Our learnings from recent campaigns are that there is a flight for quality in the neighbourhood sector, particularly from private investors as they seek assets with long-term income security.”