Opportunity to acquire strong performing Clifton Village Shopping Centre

The Indigenous Real Estate Investment Trust (I-REIT) has listed its Coles-anchored Clifton Village Shopping Centre for sale.

CBRE’s Michael Hedger, Joe Tynan and Danny Betros have been appointed to manage the sale of the centre, located at 55 Endeavour Road in Clifton Beach, via an Expressions of Interest campaign.

Mr Hedger noted the strong performing, dominant shopping centre is well-established within the trade area of Clifton Beach.

“Located 24km north of the Cairns CBD in one of the fastest growing Queensland regions, the centre is set to benefit from a growing population, supported by a 4.9% p.a. retail spending increase until 2036 along with a $18,068 catchment retail spend per capita rate, which is 6.2% above the Queensland regional average.” Mr Hedger said

“As the only supermarket in a 7km radius, and the last shopping centre for the next 45km when travelling north to Port Douglas, Clifton Village is a one-stop shop for locals and visitors passing through the region,” Mr Hedger added.

The Coles supermarket has recently undergone refurbishment and is secured by a new lease extension to 2034, with options extending to 2049.

The 7,904sqm neighbourhood shopping centre, has a strong national tenancy profile representing 78% of the Centre’s GLA (leased). Tenants include The Reject Shop, Liquorland and Domino’s, supported by an allied health precinct with Terry White Chemist, QML Pathology and a large medical centre.

Mr Tynan said a significant surge in transaction activity in the latter half of 2024 indicated investor optimism in market conditions.

“We expect Clifton Village Shopping Centre to be highly sought-after from the market due to the high performing Coles Supermarket with continued income growth, the high weighting towards non-discretionary retailers, and the genuine future value add potential with the opportunity to unlock additional income in the next two years,” Mr Tynan added.