Growthpoint Properties Australia has listed the recently refurbished Albany Creek Shopping Centre for sale, amid the retail sector emerging as an investment haven.
CBRE’s Joe Tynan and Michael Hedger together with JLL’s Jacob Swan and Ned Mckendry are managing the sale via an Expression of Interest Campaign, which launched this week.
Located at 700 Albany Creek Road, 15km north of Brisbane, the centre is anchored by a strong performing Coles, which has recently undergone a major $7 million refurbishment along with an upgraded Click & Collect facility.
The neighbourhood centre has a national tenancy profile representing 61% of the total Centre’s GLA, including Coles, Liquorland, Priceline, Australia Post and Commonwealth Bank.
“Albany Creek Village presents an exceptional opportunity to acquire a high performing neighbourhood shopping centre that would be defined as a true town centre and includes re-positioning opportunities in a prime metropolitan Brisbane location,” said Tynan.
“Given rising construction costs, existing retail assets that have undergone recent refurbishment are benefiting from the extreme constraint of new supply. With the added benefit of genuine income upside and a completed extensive refurbishment, Albany Creek Village is positioned for acquisition below replacement cost,” added Hedger.
CBRE Research expect investment volumes to grow by more than 50% between 2023 to 2025, with well-established neighbourhood centres like Albany Creek Village continuing to attract significant domestic and internal interest from primarily private investors.
Swan added, “Against the backdrop of volatile debt costs and uncertainty clouding the investment market in 2023, retail investment volumes reported market leading growth. Annual retail investment volumes totalled $6.2 billion, equivalent to 36% of total investment volumes, surpassing industrial (35%) and office (20%) volumes, for the first time since 2004.”
“Albany Creek Village is an unrivalled opportunity for investors seeking a strong performing, Coles anchored neighbourhood shopping centre in a thriving retail market. This landmark asset offers tremendous potential for further growth and immediate development upside.”
