JLL and CBRE are pleased to present for sale Karalee Shopping Village. An exciting opportunity to acquire a recently expanded dual-anchored neighbourhood shopping centre, located in a high-growth catchment, offering significant development upside.
For Sale Individually or ‘In-One-Line’ with ‘The SEQ Neighbourhood Retail Collection’ via Expressions of Interest campaign closing Thursday 1st September 2022 at 4pm (AEST).
DOUBLE SUPERMARKET ANCHOR
- Secured by long leases to two of retails highly sought anchors, Woolworths and Coles, underpinning 57% of centre GLA both showing strong trading patterns.
- The asset underwent an extensive expansion program in 2019, the biggest shopping centre upgrade undertaken in Ipswich’s north-eastern growth corridor. The expansion doubled the total floor area of the centre, including a brand-new full-line Coles and an additional 15 specialty stores to join the existing Woolworths-anchored neighbourhood centre.
- The offering includes three separately-titled parcels, including the main centre, medical and development land parcels. The asset presents absolute future flexibility for an incoming owner, providing the ability to potentially divest the medical or development lot.
DAILY NEEDS FOCUS
- Karalee Shopping Village offers high exposure to non discretionary and daily needs retailers, underpinning 89% of total centre GLA.
- Situated on an expansive 5.4ha corner site across three separately titled lots, Karalee Shopping Village provides significant upside and future flexibility for an incoming purchaser. The asset presents the opportunity to expand existing tenancies, and sell down certain precincts or further develop specialty GLA. A third stage is underway adding KFC drive through, Bridgestone and 200sqm of specialty space, with an additional 600sqm of DA approved retail space available to be developed.
- Karalee acts as the main shopping destination and true Town Centre for Ipswich’s north-eastern growth corridor, servicing a strong main trade area of 39,350 people - set to grow at 1.2%p.a until 2041^.
^Location IQ, July 2022