The recently completed Rochedale Village shopping centre in Brisbane’s southern growth corridor has been listed for sale as investors continue to pursue convenience-focused retail investment opportunities.
CBRE’s Joe Tynan and Michael Hedger have been appointed to manage the sale of the Coles supermarket anchored centre, with the Expressions of Interest campaign expected to generate domestic and offshore interest from institutional investors, unlisted property funds and private buyers.
It is the first time the 5,903m2 neighbourhood centre has been offered for sale – providing a strategic opportunity to secure a high performing neighbourhood centre.
“Rochedale Village is positioned at the heart of one of the last remaining major growth areas of Brisbane, which is experiencing 10%+ year-on-year population growth,” Tynan said.
“This is an example of a new generation neighbourhood centre that sets the benchmark for convenience-based retailing via its multifaceted precinct design. It will allow an incoming owner to access significant deprecation benefits and gain exposure to the most defensive and best-performing retail segments, including grocery, liquor, quick service food and medical.”
The Coles supermarket and Liquorland offering account for 3,871m2 of the centre’s gross lettable area, alongside 13 specialty tenancies plus an additional three drive-through food pad sites leased to national food brands McDonalds, Hungry Jacks and Guzman y Gomez.
CBRE’s Michael Hedger noted that grocery retail trade had performed strongly during the pandemic, particularly in Queensland, where the COVID-related increase in trade has been further boosted by higher population growth from interstate migration.
“Retail sales from Queensland supermarkets are up 14.4% since the start of the pandemic, compared to 9.5% nationally. Rochedale has also benefitted from an acceleration in interstate migration, with a significant rise in housing construction over the past two years,” Hedger said.
Rochedale Village is positioned 13km south of the Brisbane CBD in a designated major growth area, which has benefitted from significant infrastructure investment. It is located at the busy intersection of Miles Platting Road and Gardner Road and offers ready access to the M1 Pacific and Gateway Motorways, two of Queensland’s busiest highways.