Woolworths-anchored Warbu-Bellmere Shopping Centre listed for sale

Supermarket giant Woolworths has listed the recently opened Warbu-Bellmere Shopping Centre for sale amid strong private investor demand. 

Located along the Brisbane to Sunshine Coast growth corridor, the centre opened in August 2023 and is anchored by a 10-year lease to Woolworths. Woolworths Warbu-Bellmere is the largest full-line supermarket in the main trade area and occupies 71% of the Centre’s gross lettable area.

CBRE’s Michael Hedger and Joe Tynan are managing the sale via an Expression of Interest campaign.

The 5,164sqm Centre has an 8.3-year WALE by income and features the latest format Woolworths Direct-to-Boot drive through service. Key tenants include BWS, Discount Drug Store and Snap Fitness.

The Centre also features a food and dining precinct with cafe, pizza, kebab and sushi operators, enhanced by a covered alfresco seating area for customer enjoyment.

“Following the recent Queensland sales of the Woolworths-anchored Poinciana Place Shopping Centre (5.49%) and Mountview Shopping Centre (5.27%), we are continuing to field strong investment demand from the private sector,” Mr Hedger said. 

“We expect the Warbu-Bellmere sales process to generate interest from both domestic and international investors given the pent-up demand we are seeing in the market, particularly for brand new shopping centres in strategic growth corridors.” 

Mr Tynan added, “Warbu-Bellmere Shopping Centre is a well-designed shopping centre which meets the needs of the rapidly expanding catchment area. One of the unique features is the 500 solar panels, offsetting 20% of the supermarket’s electricity. Woolworths Group is aiming to receive a 4-star Green Star development rating for the Centre.”

The centre is set to benefit from the rapidly expanding main trade area (MTA) population which is forecast to grow 4.8% per annum to over 28,000 people by 2041, well above the Brisbane metropolitan average of 1.8%. The MTA’s total retail spending is currently estimated at $571.4 million and is projected to increase to over $1.89 billion by 2041, a 6.9% per annum growth rate.