One of the largest property holdings to ever hit the market in Byron Bay is set to launch for sale in early 2021. Mercato on Byron encompasses a major shopping centre adjoining a blank canvas development opportunity, atop 1.1ha of prime freehold CBD real estate in the heart of the Byron CBD – available for sale individually or in one line.
The offering includes both the brand new Mercato on Byron shopping centre anchored by Woolworths and Palace Cinemas and one of the largest freehold mixed-use development sites in Byron’s CBD.
JLL’s Retail and Hotel Investment sales teams have been exclusively appointed on behalf of the Vendors Wingate and Azzura Investments to sell the asset in the new year.
Mark Harrison, Managing Director of Wingate Property said “Mercato on Byron has been the culmination of five years of hard work by the JV partners. Wingate and Azzura are proud to stand behind what is one of the most outstanding neighbourhood shopping centres in Australia and a strategic development site that will shape the Byron CBD for years to come.”
The Mercato on Byron shopping centre is one of the first retail developments nationally to be awarded a 5-star green star design energy rating and is supported by a range of medical, food and service-based tenants along with 337 car parks. The shopping centre totals over 8,500m2 of prime retail, centrally located in Byron Bay’s shopping precinct.
Mercato on Byron encompasses a major shopping centre adjoining a blank canvas development opportunity, atop 1.1ha of prime freehold CBD real estate in the heart of the Byron CBD
In addition, JLL will also be handling the sale of 98-106 Jonson Street which is the adjoining old Woolworths site before they relocated into the new Mercato on Byron development. The prime 4,128m2 freehold site is vacant and supports a flexible B2 Local Centre zoning allowing for a wide range of mixed-use development including; hotels, residential and retail. The two properties will be offered for sale in-one-line or separately.
Handling the sale from JLL Retail is Nick Willis, Sam Hatcher and Jacob Swan and from the Hotels division Peter Harper.
Peter Harper Head of JLL Hotels said “Byron Bay has been a huge benefactor of post-COVID tourism with hotels experiencing record levels of demand. A new offering in the town centre would no doubt be a market leader with domestic tourists, and with international guests when travel resumes, particularly with Australia’s response to the pandemic spurring our reputation as safe place to visit”
Sam Hatcher said: “Core real estate that provides income certainty continues to attract strong weight of capital – strong underlying land value underpins this entire offering. Mercato on Byron provides investors both key investment criteria in one of the most tightly held markets in the country.”
Jacob Swan said: “The relative outperformance of supermarket (+7.5% y-o-y) and liquor (+27.5% y-o-y) spending in NSW has supported investor demand for neighbourhood assets. Appetite for defensive, non-discretionary anchored retail assets has held up comparatively well over the course, and in the aftermath, of the COVID-19 crisis in Australia.”
Nick Willis said “The generational statement in real estate is used liberally, Mercato is a true generational core real estate holding. Byron Bay is one of the tightest held commercial markets in Australia and Mercato on Byron provides investors the opportunity to control one of the single largest holdings in its CBD.”
