Large format retail centre Townsville for sale – Burgess Rawson & JLL

Aprized investment opportunity in the Townsville suburb of Currajong is attracting strong interest from investors and developers alike, according to the selling agents.

Burgess Rawson’s Neville Smith and Michael Hooper and JLL’s Ned McKendry and Jacob Swan are selling the substantial Woolcock Centre via Expressions of Interest closing 30 March at 4pm.

The 5,800 square metre large format retail centre has a net passing income of $806,120 and is anchored by national tenants including Terry White Chemmart, LazyBoy Furniture and NDIS provider, ABBA Care. There are 15 tenants in total with an average lease term of 4.1 years, with tenants having three-to-five-year options.

Mr Smith said the property has been in the family for over 40 years and is the first time to be offered to the market since then. This is an intergenerational asset offering a high profile 2.36ha landholding with prime potential for expansion and additional development.  The low site coverage of 24.55%, showcases the strong development opportunity to enhance the centre whilst maintaining the current tenants.

“The site features 7,789 square metres of vacant land at the rear of the retail centre making it fit for development pertaining to mixed use,” he said.

Mr Hooper said the Queensland Government will invest billions of dollars into significant projects, including $996 million on infrastructure, $1.2 billion on health and $41 million on education to accommodate the rapidly growing population.

Mr Smith added that Townsville is known as the ‘Business Capital’ of North Queensland and is the 14th largest city in Australia with a population of over 230,000.

“Townsville is also one of Australia’s leading tourism regions with more than 1.15 million annual visitors and generating over $686 million annually.”