Brisbane sub-regional shopping centre, Arana Hills comes to market

Brisbane sub-regional shopping centre, Arana Hills comes to market
Staff reporterDecember 7, 2020

JLL has been appointed to negotiate the sale of Arana Hills Plaza on behalf of ISPT.

Arana Hills Plaza is a well-established food, service and convenience based sub-regional shopping centre securely anchored by long term leases to leading national retailers; Coles, Kmart and Aldi, in addition to 23 specialty tenants, 4 kiosks, 2 ATMs and a freestanding Shell Petrol Station, providing a total gross lettable area of 14,355 square metres.

According to JLL’s Head of Retail Investments Simon Rooney demand for convenience-based sub-regional assets such as Arana Hills has been building up due to a lack of investment opportunities throughout 2016.

“Sourcing retail assets within capital city metropolitan areas is challenging at present, particularly for sub-regional centres."

There have been only five sub-regional centres sold within the Brisbane metropolitan area in the last five years, highlighting the limited stock in this asset class.

The centre is on a 5.61 hectare site 10km north-west of the Brisbane CBD, in the established suburb of Arana Hills

Its Coles and Kmart leases include provisions that require a high contribution toward both statutory and variable outgoings, providing income protection to future increases in outgoings and together with potential income growth via future percentage rent. 

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