29 Queen Street, Bundaberg North, QLD, 4670, AU

Northway Plaza

Asset Description

JLL Retail Investments is pleased to present for sale Northway Plaza, a rare opportunity to acquire a strong performing IGA anchored neighbourhood shopping centre with immediate development potential. Northway Plaza, North Bundaberg presents an opportunity for an incoming purchaser to acquire a near passive, freehold investment, located approximately 1.7 kilometres north of the Bundaberg Town Centre, located in regional Queensland.

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Attributes

Building area gross

4,046 m²

Occupancy

100%

NOI

SEK 9,137,000

Media

Investment Highlights

Exceptional Income Security. Northway Plaza offers strong income security via a 6.25-year WALE (by income)* and a diverse income profile comprising a national supermarket anchor tenant, supported by food & beverage and essential service retailers.
Strong Performing IGA. The Cornetts IGA major tenant has recently reported approximately $23,783,428* (excl. GST) in moving annual turnover (MAT) as at May 2024.
Dominant Regional Landholding. The Prominent 24,038* square metre prime freehold land holding, benefits from over 125* metres of premium road exposure to Queen Street, a major arterial road connecting North Bundaberg to the Bundaberg town centre.
Future Development Potential. There is an immediate opportunity to develop two vacant pad sites located along the Queen Street frontage, offering an incoming purchaser immediate value-add potential.
Attractive Rent Reviews. Unparalleled income growth, as the majority of tenant’s rent review mechanisms are either CPI or fixed reviews ranging between 3-4% annually, providing strong capital growth potential.
Fully Leased Net Operating Income is $1,324,782 per annum.

The property is being offered for sale via an expressions of interest campaign closing at 4pm (AEST), on Thursday the 18th of July 2024.

Please reach out to Jacob Swan or Ned McKendry.

*Approximately as at 31 July 2024.