QIC Real Estate has acquired a premium Coles-anchored neighbourhood centre in Sydney’s lower North Shore, marking the first new addition to its convenience retail portfolio following a recent recapitalisation.
Situated within the Willoughby Road precinct just five kilometres from the Sydney CBD, The Albany Crows Nest occupies a tightly held pocket experiencing rapid residential densification and population growth.
The centre comprises 5,294 square metres of lettable area across two levels, anchored by a full-line Coles supermarket and complemented by Liquorland, three specialty retailers, a childcare centre and car wash.
QIC Real Estate’s Charles Occhino said the transaction signalled QIC’s return to the market for high-quality convenience retail assets with the support of new and existing investors.
“Re-entering the market with a clear investment mandate allows us to target stabilised, high-performing assets that are embedded in the daily lives of their communities,” Mr Occhino said.
“The Albany Crows Nest fits squarely within that profile as an exceptionally well-located centre with a non-discretionary anchor tenant, secure cash flows, a rapidly growing catchment and clear opportunities to drive long-term value.
“These characteristics align strongly with investor appetite and the favourable market dynamics we are seeing in convenience retail, reinforcing QIC’s conviction in supermarket-anchored convenience assets as a defensive cornerstone within diversified real estate portfolios.
“With a strong trading Coles, near-full occupancy, and reliable footfall, this acquisition delivers the essentials of our convenience retail strategy and exactly the income resilience investors are seeking.”
Mr Occhino said the acquisition also deepened QIC’s footprint in high-quality catchments across the tightly held Sydney metropolitan market, joining Pittwater Place on the Northern Beaches.
Backed by new partnerships with the Clean Energy Finance Corporation (CEFC) and Prime Super alongside existing investors, QIC is targeting a significant expansion of its convenience retail strategy over the coming 12 months.
Existing assets within QIC’s ~A$526 million convenience retail portfolio include:
- Pittwater Place (Mona Vale, NSW) – convenience centre in Sydney’s Northern Beaches, anchored by a supermarket with 3 mini majors, 22 specialties, 5 kiosks and 11 first-floor office tenancies
- Big Top Shopping Centre (Sunshine Coast, QLD) – convenience centre anchored by a supermarket and entertainment complex with 6 mini majors and 49 specialties
- Kippa-Ring Shopping Centre (Moreton Bay, QLD) convenience shopping centre anchored by a supermarket with 3 mini majors, 34 specialties and 6 kiosks
- The Village Upper Mount Gravatt (Brisbane, QLD) – convenience centre anchored by a supermarket with 32 specialties and 4 office suites
- Forest Lake Shopping Centre (Brisbane, QLD) – sub-regional shopping centre anchored by three supermarkets and a discount department store
- Nerang Mall (Gold Coast, QLD) – convenience centre anchored by a supermarket with 3 mini majors and 37 specialties
QIC’s dedicated Capital Transactions team have identified a curated pipeline of assets aligned to the convenience retail strategy, with further acquisitions to enhance income, occupancy, diversification and liquidity.
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