Rockhampton’s City Centre Plaza for sale through expressions of interest

A Central Queensland shopping centre has hit the market and is already attracting strong interest from investors across the country.

Rockhampton's City Centre Plaza is for sale. Picture: Contributed

A Rockhampton shopping centre has hit the market and is already attracting strong interest from investors across the country.

City Centre Plaza has been listed for sale through Stonebridge Property Group and First Asset Management.

Situated in Rockhampton’s CBD, the shopping centre has 440 parking spaces and is home to Coles and Target, as well as 28 specialty shops, including national brands BWS, Terry White Chemists, Rockmans, Kaisercraft and Homedock.

Stonebridge’s Jonathan Fox said although it was still very early days, they had received strong inquiry on the centre.

City Centre Plaza is for sale via expressions of interest. Picture: Contributed

“We have received significant inquiries so far,” he said.

“We have parties from Melbourne, Sydney and Brisbane having a look.”

The centre has an estimated fully leased net income of $3.04m annually.

“You are buying a dominant, enclosed shopping centre in the heart of the CBD and it’s the only one in the CBD,” Mr Fox said.

The shopping centre boasts Coles and Target, as well as 28 specialty shops. Picture: Contributed

“It’s well anchored to two major tenants being Coles and Target, both performing very well.

“It’s 99 per cent occupied.

“Investment opportunities like this don’t frequently arise.

“We are expecting to see some very strong interest from private investors, syndicates and fund managers.”

The Coles lease has extended to 2030. Picture: Contributed

Stonebridge’s Philip Gartland said the Coles lease had recently been extended to 2030, with two five-year options, and that it was trading above turnover rent threshold.

“The centre boasts a strong income profile with growth potential, with average gross specialty rents and occupancy costs 48 per cent and 29 per cent below industry benchmarks, respectively,” he said.

City Centre Plaza is offered for sale through an expression of interest campaign, with offers due on Thursday, March 14.