Westpoint Shopping Centre, a 5,978sqm fully-leased neighbourhood shopping centre 21km south of the Brisbane CBD, has been listed for sale. This is the first time the centre has been offered for sale in over 18 years.
The Browns Plains Road asset is underpinned by a strong performing 3,122sqm Woolworths supermarket on a long-term, 20-year lease, accounting for 55% of the centre’s GLA.
Some 73% of the gross income is represented by national and chain service profiles, including a BWS, TSG, Subway and a Hungry Jacks drive-thru pad site.
The centre boasts a 100% occupancy with a WALE by income of 6.5 years, supported by a long history of tenant retention.
CBRE’s Joe Tynan and Michael Hedger have been appointed to manage the sale on behalf of the vendor.
“The income profile for Westpoint Shopping Centre has a focus on security and growth, with the majority of the specialty leases structured on a net basis with high fixed annual rent reviews ranging between 3-4.5%, providing certain income growth,” Mr Tynan said.
The catchment within a 5km radius of the centre has a current population of 87,670, with 12.7% growth forecast by 2032, which is expected to help drive buyer interest.
“Population growth is the best determinant for the performance of neighbourhood centres like this asset. The Logan City Council area grew by 1.8% in FY21, well above the national average of 0.1% over the same period,” Mr Tynan added.
The asset also offers an immediate value-add opportunity, with a development approved extension for a 432sqm proposed tenancy situated in the south-western portion of the site.
“While there are early signs from the major banks that higher interest rates are impacting on discretionary spending, grocery sales and convenience retail is holding up. This asset provides a defensive investment at a time where there is some economic uncertainty,” Mr Hedger said.
Expressions of Interest close 14th September.
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