Cushman & Wakefield is proud to exclusively offer for sale a 100% interest in Woolworths Seacrest (Geraldton), a prime neighbourhood shopping centre located on the Mid West Coast of Western Australia.
Woolworths Seacrest (the ‘Centre’) presents an outstanding opportunity to purchase a strong performing neighbourhood shopping centre anchored by the best supermarket retailer in Australia under a brand new 12-year lease.
The Centre is a modern, architecturally designed, purpose-built shopping centre anchored by a full-line Woolworths supermarket plus BWS and is supported by a diverse and complementary mix of 7^ specialty shops and a medical centre pad site. The Centre enjoys a high-profile location in the heart of a premium residential estate known as Seacrest Estate in the suburb of Wandina. The Centre is ideally located only 5 kilometres* south of Geraldton town centre and 414 kilometres* north of the Perth CBD.
The key investment highlights are as follows:
• Dominant neighbourhood shopping centre with GLAR of 4,713 sqm*
• Substantial 1.49 hectare* island site within Geraldton’s fastest growing residential estate
• Anchored by Woolworths supermarket (including BWS) plus 7 specialty tenancies, 1 ATM, 2 kiosks, and a pad site medical centre^
• Estimated Main Trade Area of 16,450 people (2017), forecast to grow at 1.2% per annum to 2031 (Location IQ)
• Retail expenditure in Main Trade Area forecast to significantly grow at 4.4% p.a. from 2017-2031 (Location IQ)
• Attractive weighted average lease expiry (WALE) of 9.5 years* (by income)
• Defensive, non-discretionary retail offering underpinned by tenants including supermarket, liquor, medical, and a range of food catering outlets
• Ample at-grade car parking for 236* car spaces (5.0:100 sqm GLAR)
• Fully leased net income of $1.14 million per annum as at 30 June 2018
• Specialty tenants are primarily subject to 4%-5% annual reviews, offering strong income growth
• Near new, delivering significant depreciation benefits
For Sale by Expression of Interest closing 2pm (AWST) Wednesday 4 July 2018.
* Approx.
^ Current Configuration
