Cairns Central has come onto market exclusively through Colliers and McVay Real Estate, providing an opportunity to purchase the only regional shopping centre in Far North Queensland. Situated in the heart of Cairns CBD, it is over four hours from the nearest competing regional shopping centre.
Colliers’ managing director of retail capital markets, Lachlan MacGillivray, in conjunction with McVay Real Estate managing director, Sam McVay, are marketing Cairns Central on behalf of the Lendlease managed Australian Prime Property Fund Retail (APPF Retail).
Home to 186 tenants, Cairns Central is securely anchored by a Myer, Kmart, Target, Coles, Woolworths and Event Cinemas. A lifestyle, entertainment and fashion destination, the centre is one of Australia’s top performers reporting total sales of $492 million per annum.
Major tenants report a combined $198 million in sales per annum and have a long WALE of 6.3 years by GLA and 6.1 years by income. As well as major tenants, other drawcard retailers include City Beach, Daiso, iPlay Australia, Rebel, Best & Less, Terry White Chemmart and JB Hi-Fi.
The Centre has a GLA of 51,972 square metres and occupies a landmark 9.4-hectare site, which is directly connected to Cairns railway station.
MacGillivray said: “A 100% interest in a regional shopping centre with management rights is seldom offered to market, with only two sales recorded since 2015. Cairns Central is the best quality asset to hit the market in recent times against a backdrop of capital refocusing attention on ultra-defensive and dominant assets. Unlike other periods of economic uncertainty, there is no deficiency of capital in the market and quality assets located in strong locations like Cairns Central continue to source high demand.”
McVay added: “Cairns Central is one of Australia’s best performing shopping centres. With specialty occupancy costs of 12.3% and productivity of $14,122 per square metre, the centre represents one of the most secure and defensive income streams in Australia. Domestic visitor numbers to Tropical North Queensland are up 27% compared to pre-Covid and international travellers are only starting to rebound.”
Cairns Central is for sale via an Expressions of Interest campaign closing 2pm Australian Eastern Daylight Time (AEST) on Thursday, 20th April 2023.