Real Estate
22 February, 2025
Centre has highway appeal
THE northern most shopping centre in Cairns – Clifton Village Shopping Centre – is on the market.
The Indigenous Real Estate Investment Trust (I-REIT) has listed the Coles-anchored property on the Cape Cook Highway for sale through expressions of interest.
CBRE’s Michael Hedger, Joe Tynan and Danny Betros have been appointed to manage the sale of the centre at 55 Endeavour Rd.
Mr Hedger said the strong performing, dominant shopping centre was well-established within the trade area of Clifton Beach.
“Located 24km north of the Cairns CBD in one of the fastest growing Queensland regions, the centre is set to benefit from a growing population, supported by a 4.9 per cent per annum retail spending increase until 2036, along with a $18,068 catchment retail spend per capita rate, which is 6.2 per cent above the Queensland regional average,” he said.
“As the only supermarket in a 7km radius, and the last shopping centre for the next 45km when travelling north to Port Douglas, Clifton Village is a one-stop shop for locals and visitors passing through the region.”
The Coles supermarket has recently undergone refurbishment and is secured by a new lease extension to 2034, with options extending to 2049.
The 7904sqm neighbourhood shopping centre has a strong national tenancy profile representing 78 per cent of the centre’s GLA (leased). Tenants include Coles, The Reject Shop, Liquorland and Domino’s, supported by an allied health precinct with Terry White Chemist, QML Pathology and a large medical centre.
Mr Tynan said a significant surge in transaction activity in the latter half of 2024 indicated investor optimism in market conditions.
“We expect Clifton Village Shopping Centre to be highly sought-after from the market due to the high performing Coles supermarket with continued income growth, the high weighting towards non-discretionary retailers, and the genuine future value add potential with the opportunity to unlock additional income in the next two years,” he said.
The trust acquired Clifton Village in November 2017 and it is understood the sale is part of the management of its property portfolio.
The trust has property assets of more than $164.2 million.
It also owns office buildings in Victoria, Townsville and Kalgoorlie, shopping centres in Mackay, Warabrook, an Amart furniture store in Wagga Wagga and service stations in West Australia.
Contact Danny Betros at CBRE Cairns on 0418 772 049.
