This article is from the Australian Property Journal archive
THE Indigenous Real Estate Investment Trust has put up for sale the Coles-anchored Clifton Village Shopping Centre north of Cairns, in one of the sunshine state’s fastest-growing areas.
The 7,904 sqm neighbourhood shopping centre is 78% leased by gross lettable area to national tenants, including The Reject Shop, Liquorland and Domino’s, supported by an allied health precinct with Terry White Chemist, QML Pathology and a large medical centre.
The Coles supermarket recently underwent refurbishment and is secured by a new lease extension to 2034, with options to 2049.
CBRE’s Michael Hedger, Joe Tynan and Danny Betros have been appointed to manage the sale of the centre, located at 55 Endeavour Road in Clifton Beach, via expressions of interest.
Hedger noted the strong performing, dominant shopping centre is well-established within the trade area of Clifton Beach.
Located 24 kilometres north of the Cairns CBD in one of Queensland’s fastest-growing regions, the centre is set to be supported by a 4.9% per annum retail spending increase until 2036 along with a $18,068 catchment retail spend per capita rate, which is 6.2% above the Queensland regional average.
“As the only supermarket in a seven kilometre radius, and the last shopping centre for the next 45 kilometres when travelling north to Port Douglas, Clifton Village is a one-stop shop for locals and visitors passing through the region,” Hedger said.
Tynan said a significant surge in transaction activity in the latter half of 2024 indicated investor optimism in market conditions.
“We expect Clifton Village Shopping Centre to be highly sought-after from the market due to the high performing Coles Supermarket with continued income growth, the high weighting towards non-discretionary retailers, and the genuine future value add potential with the opportunity to unlock additional income in the next two years,” Tynan added.
This week has seen a private investor pay $18.05 million to secure Coles-anchored Upper Hunter neighbourhood shopping centre Scone Village, and ASX-listed Region Group offload Warrnambool Shopping Centre for $17.9 million, shortly after selling the Woolworths-anchored East Warrnambool Shopping Centre for $18.5 million.
