Near new Darwin shopping centre offered to market

Darwin based developer Gwelo Developments has put its Coles and Kmart anchored Coolalinga Central shopping centre to the market.

They stated that it offers investors an estimated $7.17 million net annual income fully leased.  

According to CBRE Director Retail Investments, Justin Dowers, who is managing the sale with Mark Wizel and Trent Weir, the near new Stuart Highway centre could fetch more than $90 million.  

“This is a near brand new centre with a blue chip tenancy profile on the NT’s busiest road and one that offers investors exceptional income growth potential as well as genuine development upside.  

Located 30 kilometres south-east of the Darwin CBD, the 20,034 sqm (GLAR) enclosed sub-regional is anchored by a Coles supermarket (3,990 sqm) and Kmart (5,629 sqm) with five mini-majors including iFitness, Chemist Warehouse, Mad Harry’s and The Salvation Army.

There are 37 speciality stores, ten kiosks, an ATM and nine pad sites including McDonalds, Subway, Hungry Jacks and KFC. 

The 77,100 square metre site includes parking for 1240 vehicles with 776 undercroft spaces enhancing the centre’s wet season appeal. 

Mr Wizel said, “the centre has a 400 metre frontage to the Northern Territory’s busiest arterial –more than 17,150 vehicles pass the centre each day - and serves a trade currently estimated at 63,450 people with a conservative population growth forecast of 1.7 per cent per annum and an average household income 57 per cent above the Australian average. "

An additional 16,500 sqm of vacant land that had been allocated for Stage 3 of the shopping centre development provided a further investment aspect that added to the centres’ long term investment credentials. 

Mr Dowers said the centre, built in 2017, also offered significant depreciation benefits, with minimal capital expenditure requirements. 

The property is for sale by international expressions of interest closing August 1st 2019.