One of Australia’s best performing shopping centres – Mount Pleasant Centre in Mackay, North Queensland, has been listed for sale. According to SCN‘s 2020 Little Guns report the centre ranked number one for Specialty MAT, recording sales of $14,262 per square metre!
CBRE’s Simon Rooney and James Douglas have been appointed to market the prominent and highly sought Mackay asset, which is managed by Vicinity Centres on behalf of a mandate client.
Competitive investor interest is anticipated, given the centre’s extremely strong trading performance, dominance within its respective catchment, inherent income growth and value add opportunities and strategic location within a major Queensland economic hub and growth region.
“The Mount Pleasant Centre is one of the strongest performing regionally located, sub-regional shopping centres to be offered to the market in Australia in many years,” said Simon Rooney.
“All of the key major tenants – Coles, Woolworths and Kmart – combined perform above industry averages, as does the centre’s food, service and convenience-related specialty component. This aligns with an increasing cash allocation into the sub regional retail sector and current investor demand for high quality sub-regional assets, which have a strong non-discretionary focus and the ability to provide highly transparent, consistent, and growing returns”, he said.
Situated in the Mackay suburb of Mount Pleasant, the 22,519m2 centre is the dominant convenience-based retail complex within the trade area and the only sub-regional centre servicing a catchment of 112,520 residents.
“The centre benefits from its strategic location within the Mackay region, which has a diverse and dynamic economy, underpinned by the significant coal deposits in the Bowen and Galilee Basins, supported by the region’s standing as one of the largest sugar-producing regions in Australia. The centre’s expansive site of 86,760m2 is expected to be another key investor drawcard, offering value-add opportunities to an incoming purchaser.” Rooney said.