$50m: Cutting-edge shopping complex to test retail sector

Interstate and international inquiries are anticipated for the sale of Hobart’s Glebe Hill Village. Picture: Supplied

COMMERCIAL property investors are expected to be in hot pursuit of this Hobart asset when it hits the market next week.

Opened in August 2022, Glebe Hill Village will test investor demand in the retail sector, with what is described as “one of Australia’s finest neighbourhood shopping centre developments”.

The Tipalea Partners development will be offered for sale exclusively by JLL directors, Stuart Taylor, Jacob Swan and Tom Noonan.

It will be sold via an expression of Interest campaign.

The Mercury understands the owners are seeking a price circa $50m.

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Glebe Hill Village.

Glebe Hill Village.

JLL’s Stuart Taylor said the centre represents an asset of unparalleled quality, a level of craftsmanship unseen in the neighbourhood sector.

“We are expecting significant national and offshore interest in this campaign from a range of purchaser types, primarily due to the quality and performance of the asset, but also because there is a major undersupply of quality assets to the market,” he said.

Noted as the first neighbourhood shopping centre to be developed in Hobart for over 10 years, the Howrah centre is anchored by a Coles supermarket, a McDonald’s pad site, Priceline, Liquorland and 16 supporting specialty stores across a 6000sq m gross leasable area, with 260 car bays.

JLL’s Jacob Swan said it was rare that assets of this calibre are presented to the open market, with Glebe Hill Village underpinned by an exceptionally strong-performing Coles supermarket, already trading well in excess of percentage rent thresholds.

“The asset provides an attractive combination of security of income with significant growth potential, key factors that drive active capital decision-making,” he said.

Glebe Hill Village.

Glebe Hill Village.

Since opening, Glebe Hill Village has become the most technologically and environmentally advanced neighbourhood centre in Tasmania, if not Australia, with a full solar array, EV charging stations, smart bathrooms, air quality monitors, a weather station, car counters, people counters, free wireless charging stations, Tasmania’s first dedicated smart app, cloud-based CCTV throughout, duress intercoms and a building information dashboard.

Scott Spanton, Tipalea Partners CEO. Picture: Brad Harris

Tipalea Partners chief executive Scott Spanton said while working alongside Location iQ’s demographers, research identified Howrah as a significant network gap for Coles.

“This research has been vindicated by the strong trading performance of Glebe Hill Village, and this research has been directly responsible for our other centres already developed or proposed at Pimpama, Marian, Cobram and Devonport,” he said.

Meanwhile, Tipalea Partners has lodged a Development Application with Kingborough Council for its new Spring Farm Village project, a $45m next-generation retail hub.

In recent months, Glenorchy Plaza was sold for $19.75m and Kingston’s Channel Court fetched a record-breaking $82.5m.