Stockland has initiated an on-market campaign for the sale of Jimboomba Shopping Centre, located in the high growth corridor 45 kilometres south of the Brisbane CBD.
Stockland owns a 50 per cent interest in the centre together with management and development rights.
It has agreed with its joint venture partner: a private Melbourne-based property consortium, to offer their combined 100 per cent interest in the existing centre and adjacent 16.7 hectare greenfield site for sale.
Jimboomba Shopping Centre has a Gross Lettable Area (GLA) of 11,162 square metres and occupies a 4 hectare site.
The adjacent 16.7 hectare greenfield site has Development Approval for the construction of a 21,566 square metre shopping centre.
In addition to providing additional retail space for an expanded sub-regional shopping centre with a supermarket and Discount Department Store (executed Agreements for Lease in place), the 16.7 hectare greenfield site also holds potential for a large format hardware store.
John Schroder, Group Executive and CEO Commercial Property at Stockland, said: “We remain committed to growing our retail portfolio and will recycle the capital from the sale into our $1.4 billion development pipeline, including $420 million of current active projects."Given the strong demand for high-quality retail assets in this corridor, and the weighting of our portfolio in Queensland, the joint venture has decided to sell the centre and development land.”