Frasers to offload Brisbane’s Coorparoo Square centre for $70m
Coorparoo Square shopping centre in inner Brisbane is on the market.
Developer Frasers Property Australia has put the trendy Coorparoo Square shopping, dining and entertainment centre in inner Brisbane on the block for about $70m.
The Coorparoo Square site was previously home to Queensland’s first Myer building, which opened in 1960 before being developed into one of the city’s best known projects by Frasers.
The store formed part of Brisbane’s history until 2015, and its history is still celebrated today in the mixed precinct, with Coorparoo Square incorporating a 450m mural made from images provided by the local community, which connects the shopfronts in the retail precinct.
Frasers Property, which owns the retail element, also had the iconic neon Myer sign reinstalled to celebrate its first year of trade in 2018.
The centre has a strong trading history and sits within the larger mixed-use development which spans 366 apartments in three residential buildings.
The centre sits in a wealthy catchment with a total trade area of 521,940 residents and is positioned to capitalise on the 5233 units proposed in the hot inner Brisbane market.
The property spans 6778sq m and is anchored by ALDI and Dendy Cinemas until 2032. It has 24 bespoke food and service-based tenants, with a combined weighted average lease expiry of more than six years.
JLL’s Sam Hatcher, Jacob Swan and Nick Willis are handling the sale of the complex on Old Cleveland Rd.
Mr Hatcher said Coorparoo Square provided one of the best retail experiences in Brisbane, with a tenancy profile that catered for a wide-ranging demographic.
About 70 per cent of specialty income is underpinned by food and beverage retailers, including popular outlets like Beyond the Pale, Wingfix and Bistro Korea.
It also has a 10-screen Dendy Cinema at a time when attendances are again lifting.
“The cinema market is undergoing a resurgence as operators increasingly focus on premium offerings to differentiate the cinema experience from the broader entertainment market,” Mr Hatcher said.
Mr Swan said Coorparoo Square’s specialty tenants provided a strong, sustainable income stream and maintained a healthy average occupancy cost of 12.5 per cent, “providing significant future income growth potential”. Mr Willis added the property was a ”focal point of the suburb”.
Frasers Property Australia general manager retail investments Felicity Armstrong said that Coorparoo Square was a local landmark that would play an “increasingly important” role as borders reopen and the Olympics beckons for the city.
Expressions-of-interest for the property at 300 Old Cleveland Road close on 5 July.
