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Premier super-regional retail opportunity hits market in QLD

A 50% majority interest in Indooroopilly Shopping Centre is for sale by EOI closing Thursday, 19th May, 2022

An opportunity to acquire a 50% majority interest in one of Queensland’s best performing super-regional shopping centres is set to spark a fierce contest in excess of $600 million.

Colliers’ Lachlan MacGillivray, Managing Director, Asia Pacific Retail Capital Markets, has been exclusively appointed to sell a 50% majority interest in Indooroopilly Shopping Centre on behalf of Commonwealth Superannuation Corporation (CSC) and investment manager AXA IM.

Indooroopilly Shopping Centre is a strong-performing, high growth super-regional shopping centre located in Brisbane’s affluent western suburbs. It is the largest and most dominant shopping centre in Brisbane’s western growth corridor and is the only super-regional centre in Brisbane serviced by both bus and rail networks, which underpins significant mixed use development potential.

The centre is anchored by Coles, Woolworths, ALDI, Myer, David Jones, Kmart, Target, Event Cinemas and is home to more than 320 tenants with representation across all key specialty categories.

The introduction of the Automall West in the Centre is the first of its kind in Australia, and will be a major destinational traffic driver for the centre upon it’s completion. The purpose built ‘future-retail’ shopping experience comprises an in-centre car sales showroom and express rooftop car service centre, and is expected to add significant moving annual turnover to an already exceptionally strong asset.

The Automall West precinct is brought to life by Eagers Automotive

The property occupies a landmark 7.9ha site and includes strategic ancillary sites with mixed use development potential, only 7 km from the Brisbane CBD.

“This includes the 7ha centre site and strategic ancillary sites with mixed-use development potential,” MacGillivray said.

“The site benefits from surrounding high-density development and is subject to a higher order planning framework which allows for significant mixed-use development opportunities in the the long-term (STCA), including 90,000m2 of additional GFA on existing landholdings adjoining the centre. A long-term master planned vision for the site also exists which includes the potential for approximately 200,000m2 of GFA subject to council approval and land ownership.”

“Indooroopilly’s proximity to the Brisbane CBD, multimodal transport infrastructure, existing high density development planning framework and substantial adjoining landholdings provides significant growth and mixed-use development opportunities.”

Indooroopilly Shopping Centre is anchored by Coles, Woolworths, ALDI, Myer, David Jones, Kmart, Target, Event Cinemas and is home to more than 320 tenants

MacGillivray said there was a renewed sense of confidence and appetite in dominant and strong performing retail centres with significant value add potential, as witnessed in the landmark $2.2 Billion transaction of Pacific Fair and Macquarie centre in late 2021.

“Investors are finding it increasingly difficult to place large sums of capital in ultra defensive, high quality assets, and Indooroopilly perfectly fits this criteria,” he said.

Existing strategies included the introduction of aspirational food retailers, next generation play and social spaces, co-working spaces, and development of the day to night economy with emphasis on ‘live’ atmosphere. This could lead to increasing visitation and dwell time to the centre and provide a key point of difference for customers within the innerwestern suburbs.

About the author

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.

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