Woolworths Brings Moreton Region Retail Centre to Market

Supermarket giant Woolworths has listed a shopping centre in Queensland’s Moreton Region it opened in August.

The Warbu Bellmere Shopping Centre near Caboolture and is anchored by a 10-year lease to Woolworths, occupying 71 per cent of the centre’s gross lettable area.

 The 5164sq m centre has an 8.3-year WALE by income and features the a new format Woolworths direct-to-boot drive-through service.

Other key tenants include BWS, Discount Drug Store and Snap Fitness. The centre also has a food and dining precinct with cafe, pizza, kebab and sushi operators, plus a covered alfresco seating area

CBRE’s Michael Hedger and Joe Tynan are managing the sale via an expressions-of-interest campaign.

“Following the sales in Queensland of the Woolworths-anchored Poinciana Place Shopping Centre, which sold for $17.5 million on a 5.49 per cent yield, and Mountview Shopping Centre, sold for $35.2 million on a 5.27 per cent yield, we are continuing to field strong investment demand from the private sector,” Hedger said.

Tynan said the property featured 500 solar panels, which offset 20 per cent of the supermarket’s electricity, with Woolworths aiming for a 4-star Green Star development rating for the centre.

The agents said the centre was in line to benefit from the rapidly expanding main trade area (MTA) population, which is forecast to grow 4.8 per cent a year to more than 28,000 people by 2041, well above the Brisbane metropolitan average of 1.8 per cent.

The MTA’s total retail spending is estimated at $571.4 million and is projected to increase to more than $1.89 billion by 2041, a 6.9 per cent annual growth rate.

▲ The Hinkler Centre at Bundaberg sold for $107 million.

Meanwhile, further north, Parkstone Funds Management, in partnership with fund manager Centennial, has exchanged contracts to buy Bundaberg’s Hinkler Central Shopping Centre for $107 million.

The 21,000sq m mall in Maryborough Street is anchored by Woolworths, Kmart and Coles and includes another 65 retail and dining spaces. 

It has more than 1000 mostly undercover parking bays with direct travelator access.

Parkstone Funds Management managing director Tim Wilkin said the centre’s metrics positioned Hinkler Central among the top 10 nationally in its class.

Bundaberg is Queensland’s second-fastest growing city with 7.1 per cent economic growth. The transaction was handled by Sam Hatcher and Jacob Swan of JLL.