Savills marketing Amaroo Village shopping centre in Canberra

Coles Amaroo Village, a new shopping centre located in the northern suburbs of Canberra, is set to be offered for sale.

Steven Lerche and Nic Purdue of Savills Australia and Philip Gartland and William Blanch of Stonebridge have been exclusively appointed by Coles Group Property Development Ltd to sell the centre.

Comprised of 4,600 sqm the centre features a non-discretionary tenancy mix, with 80% of the gross floor area secured to Coles and Liquorland on a brand-new long-term lease.

Complemented by eight specialty shops including a pharmacy, real estate agency, barber, Indian Grocer and various food offerings.

According to Savills, the ACT retail investment market has continued to be extremely tightly held, with only 3 retail properties between $15m to $40m transacting in the past five years. 

Independent research firm MacroPlan Dimas found, the trade area’s population is forecast to grow by 3.8% p.a. to 2031, more than double the Australian average of 1.4% p.a.

Located at 815 Horse Park Drive, Amaroo, it is the only full-line supermarket within the catchment and the centre produces an estimated Net Income of $1,850,000 p.a.

Savills Australia National Director of Retail Investments, Steven Lerche said “Amaroo Village is an outstanding convenience and non-discretionary retail hub, ideally located within the town centre. The strength and appeal of the town centre will be enhanced with the only Aldi in the area, located opposite the site, under construction and due for completion late-2019.

The site is within walking distance to the northern suburbs’ two major schools and a day care centre.

Mr Lerche added, “neighbourhood centres along the East Coast, particularly in the major capital cities, regularly command yields of sub 6%, as seen in the sale of Cranebrook Village at 5.30% in Western Sydney, Woolworths Caloundra at 5.67% on the Sunshine Coast and Coburg North Village in Melbourne rumoured to be sub 5%."

“Investors place a premium on neighbourhood centres offering a net lease structure such as that offered at Coles Amaroo Village,” he concluded.

Savills and Stonebride anticipate Amaroo Village will receive high levels of interest from a variety of local and international groups.

The international expressions of interest campaign being run by Savills and Stonebridge closes June 19th 2019.