This article is from the Australian Property Journal archive
COLES Group has put the recently completed Rochedale Village shopping centre in Brisbane’s southern growth corridor to the market as investors pursue convenience-focused retail investment opportunities.
Following completion in September 2019, this is the first time the 5,903 sqm neighbourhood centre has been offered for sale.
A Coles supermarket and Liquorland account for 3,871sqm of the centre’s gross lettable area, alongside 13 specialty tenancies plus an additional three drive-through food pad sites leased to McDonald’s, Hungry Jack’s and Guzman y Gomez.
CBRE’s Joe Tynan and Michael Hedger have been appointed to manage the sale. They expect domestic and offshore interest from institutional investors, unlisted property funds and private buyers.
“This is an example of a new generation neighbourhood centre that sets the benchmark for convenience-based retailing via its multifaceted precinct design,” Tynan said.
“It will allow an incoming owner to access significant deprecation benefits and gain exposure to the most defensive and best-performing retail segments, including grocery, liquor, quick service food and medical.”
Hedger noted that grocery retail trade had performed strongly during the pandemic, particularly in Queensland, where the COVID-related increase in trade has been further boosted by higher population growth from interstate migration. Retail sales from Queensland supermarkets are up 14.4% since the start of the pandemic, compared to 9.5% across the rest of the country.
Rochedale, 13 kilometres from CBD, has also benefitted from an acceleration in interstate migration, with a significant rise in housing construction over the past two years, Hedger said. Rochedale Village is positioned in one of the last remaining major growth areas of Brisbane, which is experiencing year-on-year population growth of over 10%.
Rochedale Village is near the intersection of Miles Platting Road and Gardner Road and offers ready access to the M1 Pacific and Gateway Motorways.
Earlier this year, a private investor paid a record $37.5 million for a Woolworths-anchored neighbourhood centre in Sydney. The Schofields assets has a 4,245 sqm full-line supermarket and is on 1.184 hectares of land.
