Private Australian property group Vinta is moving to sell the strongly performing Marketplace Gungahlin shopping centre in Canberra with price expectations of more than $400 million.
Situated 11km north of the Canberra CBD, Gungahlin is one of the fastest-growing regions in Australia, with significant land releases planned to accommodate forecast population growth of 2.0% per annum. This will grow the Centre’s main trade area to an estimated 187,560 people by 2031.
Impressive retail spending growth of 4.8% per annum is anticipated over the same period, from $2.4 billion currently to $3.8 billion by 2031. With robust retail expenditure growth of 5.2% p.a. forecast to 2031 within the primary trade area, with household income levels are 26.9% above the Australian average.
CBRE’s Head of Retail Capital Markets, Pacific, Simon Rooney has been appointed to steer the Expressions of Interest campaign for the prominent 40,023m2 asset following a record year for Australian shopping centre investment activity.
“Marketplace Gungahlin is one of the best performing, high growth sub regional assets to come to market in many years, with a thriving major tenancy profile and robust specialty component, trading at well above industry averages,” Rooney said.
“A record $12.7 billion in Australian retail assets were transacted last year and that momentum has continued into 2022, with the comparative return profile for retail investments and significant asset value rebasing marking the retail sector as a compelling investment proposition.”
Marketplace Gungahlin was developed in 1998 before being extended and refurbished in 2006 and 2016. A further extension is due to be completed in 2022/2023 which includes the introduction of a new ALDI supermarket.
The centre benefits from a strong convenience focus and high performing major tenancy line-up of Woolworths, ALDI, Kmart and Big W, alongside seven mini majors and 109 specialty tenancies, with an outstanding specialty productivity rate 19% above the Urbis average.
