A large format retail centre in Townsville has been sold for the first time since it was built more than 40 years ago.
The multi-tenanted property, The Woolcock Centre, situated at 238-262 Woolcock Street in Currajong, was purchased by Sydney-based investment syndicator Unikorn Capital from a local prominent family for $11 million.
The off-market sale was negotiated by Dan Place and Mark Fitzgerald of Knight Frank Townsville.
The Woolcock Centre has 5,800sq m gross floor area on a 23,600sq m site located on one of Townsville’s busiest arterials, in an established mixed-se precinct situated approximately 5 kilometres west of the Townsville CBD.
It is fully occupied by a total of 15 tenants including national occupiers Terry White Chemmart and La-Z-Boy Furniture, with the biggest tenants being Family Life Organics, Nexus Performance and Advanced Irrigation.
The asset was sold with a WALE of 2.58 years by income and an estimated net income of $870,000 per year excluding GST.
Mr Place said the property was sold to a Sydney-based investment syndicator following an off-market campaign that leveraged Knight Frank’s market insight and understanding of active buyers.
“The buyer was attracted to the asset’s favourable zoning, diversified income stream, positive rental reversion, underlying land value and long-term development potential,” he said.
“The property has mixed-use zoning, and around 7,500sq m of balance land at the rear fit for future development.
“The fully leased retail investment is strategically located on one Townsville’s busiest arterials, Woolcock Street, with exposure to 36,000 vehicles driving past every day.”
Mr Place added: “Townsville continues to attract significant investor demand from both local and interstate investors, driven by its ability to deliver attractive yield spread compared to metro markets.
“This asset provided a rare opportunity to acquire a multi-faceted asset with diverse income and development upside in Townsville.”
Knight Frank’s recently-released Australian Retail Review found the outlook for the retail sector in Australia was increasingly positive following a challenging period, with conditions in place for growth from 2025.
It found positive signs for the sector included improving retail sales and the return in asset value growth.
The Knight Frank report found improving investor sentiment had led to increased investment in retail property.
Total investment volumes in the retail sector rebounded strongly in 2024 with $9.9 billion traded, up 39% from 2023.
Investment volumes over 2025 are expected to be similar to or surpass 2024 levels, driven by NSW and Queensland.
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