A mixed-use neighbourhood centre in Townsville’s inner suburb of Belgian Gardens is now almost fully leased following four leasing deals to office and retail operators.
Flight training and charter services provider Cleveland Bay Aviation, cafe Coffee Works Townsville, hair salon The Barefoot Blonde Studio and the Fish & Fowl food outlet have all leased space in Belrowes Place at 45-49 Bundock Street, just five kilometres northwest of the Townsville CBD.
The deals were negotiated by Mark Fitzgerald and Dan Place of Knight Frank on behalf of the vendor, Cashflow Forever.
Belrowes Place had experienced some vacancy following the purchase of the neighbourhood centre by the current owners in 2021, when a medical centre and chemist relocated.
However, after consultation with Knight Frank, who was the property manager, the landlord invested $200,000 to upgrade the property.
The improvements to the property had an almost immediate impact, with an increase in enquiry leading to the four leases to quality office and retail operators.
The property is now almost 100% leased, with just one 135sq m vacancy having recently become available.
Knight Frank Senior Asset Manager Paul Tim So said: “With the property being owned by an interstate investor, Knight Frank’s asset management services team spent time building up a level of trust over the last three years to successfully expend capital in the most efficient way.
“We needed to show that it was going to be beneficial to the current tenants of the centre and also to attract the right mix of newcomers.
“In the end, to add maximum value, we organised a full upgrade to the carpark area, an entire repaint to the exterior of the building and an upgrade to the external lighting.
“This carefully thought-out process has now taken the property to just under 100% occupancy, with several tenants committing to space and long-term tenants wanting to stay within the centre.”
Mr Place said: “As a result of the new tenancies, the income performance for the property is enhanced by greater than five per cent.
“A population in the immediate trade catchment area in excess of 13,000 residents provides opportunity for the variety of business operations now on site.”
Mr Fitzgerald said: “There is strong enquiry from tenants for space quality retail properties, and progressive landlords looking to secure tenants on a long-term lease.
“Belrowes Place has great signage opportunities, main road exposure with more than 21,000 vehicles passing by daily and 54 onsite carparks.”
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