Global inquiry for multimillion dollar Glenorchy Plaza
No.350-360 Main Rd, Glenorchy. Picture: Supplied
A HOBART shopping complex listed for sale has grabbed the attention of investors — local, interstate and from all over the world.
Glenorchy Plaza is owned by ASX listed Elanor Investors Group, who purchased it in 2015, property records show.
The 8726sq m building is listed with Knight Frank, and will be sold by expressions of interest, closing early next month.
Built in 2005, Glenorchy Plaza is a two-level modern retail shopping centre anchored by one of Tasmania’s larger Big W stores, alongside 13 specialty tenancies.
This includes Radiology Tasmania, Australian Hearing, Hobart Pathology, Flight Centre and a mix of local retailers.
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Glenorchy Plaza.
Glenorchy Plaza.
Knight Frank partners George Burbury and Scott Newton said since acquiring the property, the Elanor Investors Group’s leasing process had resulted in the neighbourhood shopping centre being fully occupied.
“With the recent closure of Target at the nearby Northgate Shopping Centre, Big W has experienced strong turnover growth,” Mr Burbury said.
“Big W’s rent is linked to turnover, so to see so much growth is encouraging, and this will be attractive to investors.
“Inquiries are coming from listed property funds, private investors, and internationally-based investors. People see Tasmania as a great place to invest.”
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Glenorchy Plaza.
Glenorchy Plaza.
Big W’s current lease has four five-year options.
The centre has over 300 carparking spaces.
The Main Rd property benefits from being situated opposite the Woolworths anchored Glenorchy Central, and it is a short walk from the Coles and Woolworths anchored Northgate Shopping Centre.
Mr Burbury said it was unusual to have the opportunity to purchase a Tasmanian shopping centre.
“The property is being offered for sale significantly below replacement cost,” he said.
Glenorchy Plaza.
Glenorchy Plaza.
Per Elanor Investors Group’s earnings announcement, the book value for Glenorchy Plaza is $21.4m. This is a capitalisation rate of 7.25 per cent.
Glenorchy Plaza, at No.350-360 Main Rd, Glenorchy is listed with Scott Newton and George Burbury. Expression of interest will close on Thursday November 2 at 4pm.
