Two neighbouring retail assets in Canberra’s prestigious Manuka shopping precinct for sale

Two adjacent retail assets in Canberra’s Manuka shopping precinct are being taken to the market to be sold either separately or in one line.

The properties, known as ‘The Manuka Portfolio’, consist of Manuka Court, a two-level shopping centre at 11-17 Bougainville Street in Griffith, and the neighbouring M Centre, a two-level retail/office building at 17-25 Flinders Way in Griffith.

The assets are being taken to the market via an Expressions of Interest campaign run by Knight Frank’s Nathan Dunn and MMJ Canberra’s Nick George on behalf of the vendor, Kador Group Holdings.

Price expectations for both assets combined are north of $20 million.

The properties, situated five kilometres south of Canberra’s city centre in the Manuka Court shopping precinct, which has more than 100 retail tenancies, have a combined site area of 2,753sqm with three-street frontages to Flinders Way, Bougainville Street and Palmerston Lane.

Manuka Court occupies a 1,051sqm site. It has 1,378sqm of net lettable area, with 18 retail and office tenancies, as well as 22 separate storage tenancies in the basement level, with a combined area of around 650sq m.
Prominent retailers in the centre, which has 100% office/retail occupancy, include Sheridan, Carla Zampatti, Bijoux, Momento Designs, LÓrange Patisserie, Esteem Cosmetic Surgery, Embassy of Spain and Happy Fit Footwear.
Manuka Court has a net passing income of approx. $556,700 per annum.

The M Centre occupies a high-profile corner site with a combined area of some 1,702 square metres and represents the second largest single site holding in the Manuka Court Shopping Precinct.

It has a net lettable area of 1,614sqm, and is 95% occupied with 16 tenancies. Prominent retailers in the centre include Eyecentric, Gelatissimo, Anthony Squires, Symons Phillips Lawyers, Ricetta, French Flair, Baan Latsamy and Blue Illusion.
The M Centre has a net passing income of approx. $1,012,000 per annum when fully let.

Mr Dunn said the assets were being offered to the market for sale in one line or separately, providing the ultimate investment flexibility.

“We expect strong investor demand during the campaign as these are trophy assets located in a premium catchment area,” he said. “This is Canberra’s ‘Toorak’ or ‘Double Bay’ frequently the preferred retail precinct of visiting politicians.”

“This is an extremely rare retail opportunity – with only a handful of other multi-tenanted retail assets above $10 million transacting in the ACT since 2013.

“No other significant Manuka retail asset has been sold via a public process in the past decade.”

Mr Dunn said the retail assets were in a prestigious and sought-after location, being in a highly affluent catchment with per capita income levels in the Main Trade Area more than 80 per cent in excess of the Australian average.

Mr George of MMJ Canberra said the retail properties offered value-add income opportunities for the future, which was an added attraction for buyers in addition to the quality of the current investment.

“The Manuka shopping precinct is popular for gourmet foods, fashion, coffee and specialty stores and is a low vacancy precinct,” he said.

“Nearby sit some of Canberra’s most prestigious residential neighbourhoods and the coveted ‘Golden Mile’, along Mugga Way bordering the Red Hill Nature Reserve.

“Future value-add opportunities including repositioning, reconfiguring or redeveloping, with the offering providing huge land exposure.”

The Expressions of Interest campaign for the property will close at 4pm on November 28.