Woolworths to sell Mountview Shopping Centre

Supermarket giant Woolworths Group has listed the recently constructed Mountview Shopping Centre for sale amid continued demand for well positioned neighbourhood assets.

CBRE’s Michael Hedger, Joe Tynan and James Douglas are managing the sale via an Expression of Interest campaign, closing 30th March 2023. 

The 4,981sqm shopping centre is located 27km southwest of the Brisbane CBD. It is anchored by a Woolworths supermarket, which occupies 3,846sqm and represents 77% of the GLA. The centre is fully leased and generates a net income of $1.7 million, with a WALE of 8.4 years from a diverse income profile with national retailers representing approximately 80% of the gross income. 

“The Centre is set to benefit from the surrounding greenfield residential developments such as Mountview Village, Eden Crossing and Fernbrooke Ridge with retail spending in the MTA currently estimated at $187 million and projected to increase to $456 million by 2041 - a rate of 4.8% per annum,” Mr Hedger said. 

The Centre features the latest Woolworths direct to boot drive-through format and has 243 on grade parking spaces. The Centenary Highway is positioned 1km to the south and a proposed train station and railway line within close proximity to Woolworths Mountview.

“We are continuing to see new capital enter the market, particularly from the private sector seeking neighburhood centres that offer good investment fundamentals and are located in strong trade areas,” Mr Tynan added.