Queensland’s Gladstone Central on the market as demand for regional retail assets grows

Gladstone Central in Queensland’s Gladstone region, comprising two individual centres, will be offered for sale either individually or in-one-line via an expressions of interest campaign, closing March 17.

JLL’s Jacob Swan and Sam Hatcher are marketing the property, under instructions from Chris MacDonnell of Restructuring Solutions as agent for the mortgagee in possession.

“Gladstone Central is considered to be the premier entertainment precinct in Gladstone with a high performing cinema and national food and beverage operators. The centre provides a diverse tenancy profile with major banking, medical and fitness occupiers complementing the entertainment uses,” said Swan.

Swan said 2015 was a record year for the Queensland retail investment market with transaction activity touching highs, new benchmarks for yields and consistent pricing. 

Spotlight Centre encompasses 8,613 sqm of retail space with two major anchors, Spotlight and Gladstone Cinemas, supported by two mini-majors and 24 specialty tenancies. The centre’s major tenants include the only cinema and Spotlight within the trade area, Suncorp Bank, Bank of QLD, Anytime Fitness and Medibank Private.

The NightOwl Centre is a convenience store with 3,965 sqm of retail floor area across one mini-major, 20 specialties and one ATM. The centre’s position as the main food and beverage centre within the region is underpinned by its representation of major brands including Dominos, The Cheesecake Shop, The Coffee Club, NightOwl, Subway and Gloria Jeans.

The centres serve a significant area, with the total trade area population estimated at around 55,500 in 2015, including 35,090 and 9,690 residents in the main trade area and primary trade area respectively. The total trade area population is projected to reach over 75,000 by 2026.