Mount Pleasant Centre up for sale in rare regional listing

‘All of the key major tenants … combined perform above industry averages, as does the centre’s food, service and convenience-related specialty component.’

Mount Pleasant Centre from above. Picture: Rae Wilson

Mount Pleasant Centre is now on the market in what is considered a rare regional listing in this space.

The Mackay shopping centre — set apart from the city’s Caneland Central across the Pioneer River because of key tenant Kmart — covers 22,519sq m centre on a 86,760sq m site.

The Australian Property Journal reports the centre was on the market for $175 million.

CBRE’s Simon Rooney and James Douglas have been appointed to market the “prominent and highly-sought Mackay asset”.

CBRE says competitive investor interest is anticipated because the centre had recorded “extremely strong trading performance, dominance within its respective catchment, inherent income growth and value add opportunities”.

“The Mount Pleasant Centre is one of the strongest performing regionally located, sub regional shopping centres to be offered to the market in Australia in many years,” Mr Rooney said.

“All of the key major tenants – Coles, Woolworths and Kmart – combined perform above industry averages, as does the centre’s food, service and convenience-related specialty component.

Mount Pleasant Centre.

“This aligns with an increasing cash allocation into the sub-regional retail sector and current investor demand for high quality sub regional assets, which have a strong non-discretionary focus and the ability to provide highly transparent, consistent, and growing returns.

“The centre benefits from its strategic location within the Mackay region, which has a diverse and dynamic economy, underpinned by the significant coal deposits in the Bowen and Galilee Basins, supported by the region’s standing as one of the largest sugar-producing regions in Australia.

“The centre’s expansive site of 86,760sq m is expected to be another key investor drawcard, offering value-add opportunities to an incoming purchaser.”