Darwin developer puts Coolalinga Central mall on sale
Darwin-based Gwelo Developments has put a new mall on the market, hoping a net $7 million income from the Coles- and Kmart-anchored shopping centre will bring in the hoped-for price of $90 million.
Coolalinga Central, 30 kilometres south east of the Darwin CBD on the Stuart Highway, is a 20,034-square-metre mall on a 77,100-square-metre site with parking for 1240 vehicles, including 776 undercroft spaces.
“This is a near brand new centre with a blue chip tenancy profile on the NT’s busiest road and one that offers investors exceptional income growth potential as well as genuine development upside,” said CBRE director retail investments Justin Dowers.
“The centre has limited competition and offers its customers a full range of retail services within a very attractive, enclosed, all weather, complex that is essential to a successful operation in this part of the world.”
The sub-regional mall is anchored by a 3990-square-metre Coles supermarket and a 5629-square-metre Kmart with five mini-majors including iFitness, Chemist Warehouse, Mad Harry’s and The Salvation Army.
There are also 37 speciality stores, 10 kiosks, an ATM and nine pad sites fronting the Stuart Highway including McDonalds, Subway, Hungry Jacks and KFC.
The majors, mini-majors and pad sites comprise 69 per cent of centre income, while together, Coles and Kmart (one of only two in Darwin) have a 12.69-year WALE by income and 10-year option periods.
CBRE national director Mark Wizel, who is marketing the asset with Mr Dowers, said the centre was well positioned to attract spending from passing traffic from within and external to the trade catchment area, as well as benefiting from population growth and high disposable income.
“The centre has a 400-metre frontage to the Northern Territory’s busiest arterial – more than 17,150 vehicles pass the centre each day – and serves a trade currently estimated at 63,450 people with a conservative population growth forecast of 1.7 per cent per annum and an average household income 57 per cent above the Australian average.”
