Home » Bathurst Chase Shopping Centre listed for sale
Investment Industry News

Bathurst Chase Shopping Centre listed for sale

Expressions of Interest for Bathurst Chase Shopping Centre close Wednesday, 5 April 2023

Bathurst Chase Shopping Centre has been listed for sale by Quanta Investment Funds, presenting an opportunity to acquire a strong-performing convenience and service-focused neighbourhood shopping centre.

CBRE’s James Douglas, Joe Tynan and Michael Hedger together with Stonebridge’s Philip Gartland and Alex James-Elliott have been exclusively appointed to steer the on-market sale campaign.

Bathurst Chase is anchored by a high-performing Coles supermarket on a rare capped net lease, with equally rare 10-year options. The supermarket is supported by a Liquorland and complemented by a majority food and non-discretionary retailer offer.

CBRE’s James Douglas said:“This is an attractive opportunity for an investor to acquire a neighbourhood shopping centre featuring a Coles supermarket which is trading exceptionally well. It is the only Coles within the Bathurst region, providing a clear point of difference to the centre’s peers. There is also an opportunity to enhance the centre’s income via active management of the specialty offering.”

Other attributes include the centre’s land-rich, 11,710m2 freehold site within the heart of the Bathurst CBD, offering excellent exposure to the main retail precinct along William Street and direct vehicular access from the Great Western Highway.

“The centre’s established loyal customer base and extensive trade area population of 43,850 coupled with its strongly trading Coles offering and income upside, will appeal to a wide range of investors, including institutional buyers, syndicators and private groups,” Douglas said.

Bathurst Chase Shopping Centre sits within the heart of the Bathurst CBD

Stonebridge’s Philip Gartland added, “In the current changing market, the ability to secure a neighbourhood shopping centre with tangible competitive advantages and genuine value add opportunities, will prove highly attractive. Of particular appeal is the relative capital value of assets on a dollar per square metre basis in comparison to current high construction costs, with many assets sitting below replacement cost. Bathurst Chase appears to have a strong value proposition in this regard.”

“In addition, Bathurst’s strong forecast population growth is almost double the NSW non-metropolitan average. These value drivers and fundamentals will form the foundation for the future repositioning of the centre, with private investors currently extremely focused on the ability to drive income growth for their assets,” said Gartland.

The centre’s growing trade area comprises an affluent resident population, with average per capita and household incomes 4% and 6% respectively above the non-metro NSW benchmarks. This drives significant retail spending of $671.8 million, with forecast growth of 3.7% p.a. to reach $1.34 billion by 2041, set to be a key driver of the turnover performance for the Coles supermarket and Liquorland.

The wider Bathurst region generated $2.6 billion in regional product in FY22 across a vast industry profile, primarily focused on health care/medical, education, agriculture, manufacturing, and tourism.

Bathurst also features the world-renowned Mt Panorama Racing Circuit, which hosts several international events annually culminating in the iconic Bathurst 1000 – a four-day motorsport festival, which had almost 200,000 people in attendance in 2022 and is estimated to add $17 million to the local economy each year.

Expressions of Interest for Bathurst Chase Shopping Centre close Wednesday, 5 April 2023.

About the author

Avatar photo

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment