Colliers are launching Cameron Park Plaza, one of Newcastle’s newest neighbourhood shopping centres on behalf of Woolworths Group’s development business Fabcot.
Cameron Park Plaza is anchored by a strong performing Woolworths Supermarket and BWS strategically located 17 kilometres from the Newcastle CBD.
Constructed by Woolworths Group’s development business Fabcot in 2020, the single-level 7,037m2 centre is anchored by a 3,857m2 Woolworths and BWS. The supermarket is complemented by three mini majors, 17 specialty shops with more than 90% of gross income underpinned by national and chain retailers.
The centre is strategically located in a rapidly evolving retail and community services precinct. The precinct includes recently constructed McDonald’s and KFC restaurants which will be complemented by future EG Fuel Service Centre, Tavern and Council Library developments.
The Colliers team of James Wilson and Alex James-Elliott have the exclusive listing and note that Cameron Park Plaza is the first NSW Neighbourhood Shopping Centre sold by either Woolworths or Coles since Woolworths Bulli Shopping Centre was transacted in early 2021 on a yield of 4.05%.
“We are expecting great variety and depth of buyers for the Cameron Park Plaza campaign. Both Private and Institutional capital will be attracted to the opportunity, given the centre’s long seven year WALE, proximity to Newcastle CBD in addition to a strong Woolworths lease covenant.” Wilson said.
The 3.77-hectare site comes with flexible B2 Local Centre zoning and a low site coverage of just 18.6%. Specialty tenants secure nearly 40% of the centre’s annual gross income, with specialty tenant income featuring 3%-5% fixed income growth per annum.
“Cameron Park Plaza is located in Newcastle’s booming western growth corridor, with the Main Trade Area average annual forecast population growth of 2% almost four times the NSW non-metro average. The forecast population growth is expected to positively affect the centre’s trading performance, with supermarket turnover rent forecast in the initial lease term.” James-Elliott said.