Community
4 May, 2023
Agents consider offers to buy Woolworths shopping centre
COMMERCIAL property agents are considering expressions of interest from buyers for the new Woolworths shopping centre at Gordonvale.
The supermarket chain put the $20-million retail site for sale in February with expressions of interest closing on March 30.
It was placed on the market just seven months after the Gabuda - Gordonvale Shopping Centre opened in July last year.
It was in the planning stages for more than 10 years. Michael Hedger, Joe Tynan, James Douglas and Danny Betros from CBRE are managing the sale.
The 3880 sqm shopping centre is anchored by a 3315 sqm lease to Woolworths supermarket and has a fully leased net income of $1.29m per annum, representing a 8.6 year WALE (weighted average lease expiry) income.
“Despite ongoing interest rate rises, the neighbourhood investment sector continues to be a highly sought-after asset class given the income profiles generally have a high weighting towards non-discretionary retailers and are underpinned by genuine growth,” Mr Hedger said.
Development approvals are in place for a petrol station, quick service restaurant and gym which are yet to be constructed. Current retailers trading from the centre include Coco Sushi, Malaysia Noodle House, Discount Drug Store and JSL Phone Repairs.
An additional 15,858 sqm site over four individually titled lots will be offered for sale at the same time but will be presented to potential buyers in separate transactions to the main centre.
More than 800 rooftop solar panels and a rainwater harvesting system have earnt the new development a Green Building Council of Australia four star rating in a Far Northern first for Woolworths.
“Our learnings from recent campaigns are that there is a flight for quality in the neighbourhood sector, particularly from private investors as they seek assets with long-term income security,” Mr Tynan said.
The centre occupies a high profile, 20,580 sqm site next to the Bruce Highway and is set to benefit from significant population growth expected within the region, according to CBRE.
The project resulted in Woolworths injecting $25m of investment into the area, creating more than 80 jobs during construction and 120 ongoing retail jobs. In a first for the Woolworths Group, the inclusion of the Indigenous name for Gordonvale – Gubuda – is displayed on the entrance canopy of the centre.
The new centre’s design includes a substantial external artwork by Indigenous artist Michael Booiyol-Anning as well as an alfresco area for outdoor dining.
Woolworths property development head Andrew Loveday said it was a proud moment for the supermarket chain to include the Indigenous name for Gordonvale – Gubuda – at the entrance canopy as customers enter the centre.
In another first for Cairns, the supermarket offers ‘Scan&Go’ technology which allows customers to scan goods with their smartphone as they walk through the store and pay in the app, before tapping off through a dedicated Scan&Go lane at the front of the store.
The project is also Woolworths’ first four-star, green star shopping centre development in Far North Queensland, to be rated by the Green Building Council of Australia.
The building incorporates a range of sustainability features, including solar panels, rainwater harvesting and use of recycled materials, to reduce the environmental impact of the centre’s operations.
