Cannon Park City Centre & Discount Centre_Property for Sale

30 Hervey Range Road, Thuringowa Central, QLD, 4817, AU

Cannon Park City Centre & Discount Centre

Asset Description

JLL is pleased to present for sale the Cannon Park Entertainment Precinct, an 11,000 sqm precinct across two centres, anchored by a 2,011 sqm Reading Cinema(s) on a brand-new 10-year lease renewal and further supported by 11 lifestyle and dining operators. Neighbouring the centre is a 20 lane Kingpin Bowling facility (3,500 sqm), accompanied by a gymnasium and other government-based service tenants. The assets boast a secure tenant profile with internationally recognised anchor tenants, nationally branded specialties and service providers.

Reading Cinemas Townsville is the largest and only cinema in the south-western corridor of Townsville dominating the large Western catchment with little competition. The only other cinemas in Townsville are 8km and 12.5km away, both in the north-easterly direction.

The precinct is available for sale via expressions of interest, closing Wednesday 3rd July at 4:00pm (AEST).

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Attributes

Building area gross

11,710 m²

Land area gross

38,100,000 m²

Occupancy

95%

Parking spaces

490

NOI

CHF 1,903,000

Sales process

For sale by formal tender

Call for offers

02/07/2024

Media

Investment Highlights

- Key community asset & long-term tenant retention. Established in 1996, the precinct has long been a premier destination for both tenants and customers it is firmly established as the entertainment hub and commercial heart of suburban Townsville.

- Large freehold land holding with favourable zoning. Prominent 3.8* hectare freehold site (combined) benefiting from over 150m of street exposure to the major arterial Hervey Range Road. Both sites are currently zoned Major Centre which will allow for a mixed range of future development opportunities.

- Strong income growth forecast. Majority of tenant’s rent reviews are 2-4% fixed annual reviews

- Dominant performance & lack of competition. Reading Cinemas Townsville is the largest and only Cinema in the south-western corridor of Townsville dominating the large Western catchment with little competition. Recording strong MAT performance of over $4.5 million as at April 2024.

- Exceptional income security. City Centre is anchored by Reading Cinemas, with a new 10-year renewal of lease in place, covering 2,011 sqm of GLA, accommodated by an attractive offering of food & beverage and essential service providers. Discount Centre is anchored by Kingpin Bowling which occupies 3,500 sqm of the centre’s GLA, on a 10 year lease term expiring in April 2034.