Riverside Plaza Shopping Centre set for sale
Riverside Plaza at No.298 West Tamar Hwy, Riverside has hit the market. Picture: Supplied
A WOOLWORTHS anchored shopping centre 5km from Launceston’s CBD has hit the market.
Riverside Plaza is home to Woolworths Ltd on a long lease, plus seven specialty retailers, on a large, high-profile 11,531sq m West Tamar Rd site.
The Riverside property has been brought to market by Knight Frank, providing a rare opportunity to acquire a highly identifiable convenience-based shopping centre asset in Tasmania’s northern capital.
The centre, which is 100 per cent leased, incorporates a refurbished Woolworths supermarket of 2382sq m, and 215 carparking spaces.
Well located, it has a daily estimated passing traffic of 21,744 vehicles.
ASX-listed Woolworths Ltd has a lease to 2031, with options to 2051.
The centre generates an estimated net income of $826,666 per annum.
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Riverside Plaza.
Riverside Plaza.
Head of Knight Frank Tasmania, Scott Newton, said Riverside Plaza has a long history of being an effective and popular neighbourhood centre in the West Tamar, providing excellent accessibility, strong trading performance, all with limited direct supermarket competition in its main catchment.
“The investor market will be acutely aware of the limited opportunities to acquire ASX-backed retail shopping centres in Tasmania,” he said.
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Riverside Plaza.
Riverside Plaza.
Knight Frank director Nicholas Bond said investors will be drawn to Riverside Plaza not only due to the strong leases in place, but also the robustness of the asset class.
“Neighbourhood centres have the distinct advantage of being based around consumers’ “daily needs” for food and services while being significantly financially underpinned by major tenants such as Woolworths,” he said.
Knight Frank Launceston agent Cale Ayers, added that Riverside Plaza is well known locally and the strength of location, passing traffic and low site coverage of under 30 per cent will be attractive to local and interstate investors.
“Capital inflows to Northern Tasmania remain strong and national markets have shown a keen willingness to invest in greater Launceston to secure premium assets,” he said.
Riverside Plaza.
Riverside Plaza.
Alongside Woolworths, the shopping complex is home to Banjo’s Bakery, Embellish, La’Beaute Nails and Foot Spa, Wiseguise Pizza, Liquor Stax, TerryWhite Chemist and Urban Cutz.
Riverside Plaza, at No.298-310 West Tamar Rd, Riverside, is for sale by expressions of interest, closing December 7 at 4pm (AEDT).
