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TownCentre Victoria Point: Rare convenience-based shopping centre hits the market

CASE STUDY: Town Centre Victoria Point, Queensland

The JLL Retail Investments team has been exclusively appointed to oversee the sale of Queensland’s TownCentre Victoria Point. Anchored by Woolworths, Bunnings Warehouse, Dan Murphy’s, Victoria Point Tavern and Healius medical centre, TownCentre Victoria Point boasts more than 20,000m2 of gross lettable area.

Strategically positioned on the high exposure corner of Colburn Avenue and Cleveland Redland Bay Road, the shopping centre is situated on a significant 7.6ha freehold site with 866 on-grade car parks.

Nick Willis, who is handling the sale with colleagues Sam Hatcher and Jacob Swan, said: “This is a unique asset; to be provided an opportunity to acquire a collection of Australia’s best retailers, in one line, with built-in growth and further development potential is rare.

“The property was strategically designed around specific criteria focused purely on customer convenience,” he said. “This has paid off, resulting in what is today an ultra-convenience based TownCentre.

TownCentre Victoria Point boasts more than 20,000m2 of gross lettable area

“So far in 2021, we have experienced constrained investment supply conditions, overlayed by a growing weight of capital looking to acquire non-discretionary-based retail assets. This provides an investor with an opportunity to gain immediate scale and exposure to each of the most defensive and best-performing sectors including food, medical, liquor, fuel and hardware.”

JLL’s head of retail research, Andrew Quillfeldt said: “The demand for non-discretionary-based retail assets with a low-risk profile, underpinned by major national retailers, has been a major global trend since the onset of the pandemic. These types of defensive assets continue to attract private and institutional capital sources given their resilience to external shocks.

“Tenant performance in the non-discretionary categories has fuelled investor demand, with supermarket sales at a 30-year high and liquor sales at a record high on a year-on-year basis,” said Quillfeldt.

The 100% interest in TownCentre Victoria Point is being offered for sale via international expressions of interest, closing 23rd June 2021.

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