Following a recent refurbishment, Albany Creek Village is on the verge of changing hands in a remarkable development for the local community. This significant event comes when the retail sector is increasingly seen as a beacon for investors, highlighting the centre’s role as a shopping destination and a cornerstone of Albany Creek’s commercial landscape.
Overview of the Sale
Growthpoint Properties Australia has initiated the sale of the Albany Creek shopping centre, indicating a strategic move in the wake of the retail sector’s rising appeal as an investment sanctuary. The sale process, spearheaded by experts from CBRE and JLL, began in late March 2024 through an Expression of Interest Campaign, signifying a new chapter for this key retail asset.
Strategically situated 15km north of Brisbane at 700 Albany Creek Road, the shopping centre boasts a prime position. Anchored by a high-performing Coles, the centre has benefited from a significant $7 million refurbishment, enhancing its appeal with modernised facilities including an upgraded Click & Collect service. This positions the centre as a neighbourhood hub and a focal point of retail excellence.
Tenancy Profile and Investment Opportunity
The centre’s national tenancy profile, including leading brands such as Coles, Liquorland, Priceline, Australia Post, and Commonwealth Bank, is 61% of the total Gross Lettable Area (GLA), underscoring its robust investment potential. Due to its recent enhancements and strategic location, industry experts see Albany Creek Village as an outstanding acquisition prospect.
Amidst a backdrop of escalating construction costs and supply constraints, the site emerges as a prime investment opportunity, offering substantial growth potential. CBRE Research anticipates a significant increase in investment volumes over the next few years, with Albany Creek Village well-positioned to capitalise on this trend.
The centre’s comprehensive refurbishment and income generation prospects offer a compelling proposition for investors, amidst a climate of market volatility and growth in retail investment.
Published 26-March-2024
