An opportunity to acquire a high-performing Coles-anchored sub-regional shopping centre on the NSW Mid North Coast has opened up, offering syndicators and funds attractive risk adjusted returns with the ability to reposition the asset to drive further value.
Manning Mall is a single-level, enclosed sub-regional shopping centre in Taree, located 320 kilometres north of Sydney via the M1 Pacific Motorway and serving as a central retail destination within the region.
The 29,740m2 site located at 81 Manning Street, Taree comes with a total of 10,723m2 in GFA and is anchored by Coles and Target, and supported by four mini majors, 23 specialties, three kiosks and one ATM.
The Colliers team of James Wilson and Ben Wilkinson have been exclusively appointed on behalf of vendor Elanor Investors Group, with price expectations north of $35 million.
“Manning Mall offers sophisticated investors the rare opportunity to acquire a high-performing sub-regional shopping centre with attractive risk adjusted returns. The centre marks the first NSW non-metro sub-regional shopping centre to be publicly marketed in 2024, helping to alleviate pent-up demand from investors looking to acquire an asset that provides wealth creation and preservation, compared to other asset classes,” said Wilson.
“With a strong WALE of more than five years and 75% of GLA secured by national tenants, Manning Mall presents itself as a dominant centre within the catchment, further reinforced by Coles trading at a sub-3% occupancy cost. Strong value-add potential and the ability for positive rental reversion, with average specialty rents being 29% below Urbis benchmark, further add to the value proposition of the centre,” added Wilkinson.
With low site coverage of 36%, the property exhibits an FSR of 2:1 and a maximum height allowance of 8.5 metres, with under E2 Local Centre zoning and providing strong development upside potential.
The centre features 422 on-grade car spaces on title at 3.9 spaces per 100m2 of GLA, alongside significant frontage to Manning Street, allowing for the creation of external QSR pad sites.
Manning Mall serves as a primary shopping and service centre for the MidCoast Local Government Area, with the area employing in sectors including retail, public administration, healthcare, education and construction.
