Cannon Park City Centre & Discount Centre, Townsville_Property for Sale
Cannon Park City Centre & Discount Centre, Townsville_Property for Sale
30 Hervey Range Road, Thuringowa Central, QLD, 4817, AU

Cannon Park City Centre & Discount Centre, Townsville

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).

...

Attributes

Building area gross
11,710 m²
Land area gross
38,100,000 m²
Occupancy
95%
Parking spaces
490
NOI
SEK 22,653,000
Sales process
For sale by formal tender

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.

Cannon Park City Centre & Discount Centre, Townsville 4_Property for Sale
Cannon Park City Centre & Discount Centre, Townsville 4_Property for Sale

Contact brokers

Cannon Park City Centre & Discount Centre, Townsville (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
4 Sep 2024