A high-performing Woolworths-anchored shopping centre in the Northern Gold Coast Growth Corridor with potential for future development has come to market.
Located on Foxwell Road, The Woolworths Coomera East Shopping Centre features a full-line 3,332m2 Woolworths and BWS, supported by seven other specialty tenants including TerryWhite Chemmart.
The centre’s performance is underpinned by the catchment’s current population growth, which is forecast to grow at almost two times the Southeast Queensland average. It is 100% fully occupied and has a fully leased income of $1.30 million per annum.
The property is owned by Foxwell Road Centre Pty Ltd who developed the centre in 2015. A value-add opportunity also exists on a vacant parcel of land at the southern boundary of the site, with a DA in place for 51 residential apartments and 2,100m2 of retail/commercial suites.
The centre is exclusively listed with the Colliers team of Stewart Gilchrist and James Wilson, who recently sold the Fernvale Woolworths Shopping Centre for $35.55 million.
The Woolworths-anchored Fernvale Village sold at a fully-leased yield of 5.1%
“The centre has all of the vital ingredients sought-after by retail investors – a rare 15-year lease to Woolworths, a WALE of almost 12 years, net specialty leases, a location in one of the strongest population growth corridors in Australia, and a DA to build an additional eight-level building on site,” Gilchrist said.
“Woolworths Coomera East Shopping Centre is expected to be targeted by ‘cashed up’ private investors and funds given over 80% of its income is secured by a high-performing Woolworths supermarket and supported by only seven essential service retailers. Colliers anticipates domestic purchasers to face strong competition from Southeast Asian capital due to its strategic location in the Gold Coast’s highly prized northern growth corridor,” Wilson added.
Main trade area retail spending is currently estimated at $290.7 million and is projected to increase to $624.1 million by 2036, representing an average annual growth rate of 5.6% per annum.
Coomera is located 28km north of Surfers Paradise and 56km south of the Brisbane CBD. The centre significantly benefits from its proximity to the M1 Pacific Motorway and is conveniently accessible by Coomera and the M1 via the arterial road, Foxwell Road.
Woolworths Coomera East Shopping Centre is being exclusively marketed via an Expressions of Interest (EOI) campaign, closing Thursday, August 3rd 2022.
