New to the market is North Mackay Central, a daily needs shopping centre complemented with a standalone office building and adjoining development site.
This is the first time the centre has been offered for sale since being built by Woollam Construction in 2011.
Located at 25-29 Evans Avenue, five minutes from the Mackay CBD, North Mackay Central is anchored by a new 10-year lease to IGA supermarket and new five-year lease to $100 billion mining conglomerate Glencore.
The existing improvements comprise 2,480sqm of building area over a 6,069sqm land parcel.
Adjoining this is Stage 2 of the development at 31 Evans Avenue, a 3,035sqm site.
The existing centre has been designed to allow seamless integration with Stage 2 which has the potential to provide up to 1,500sqm of additional building area and 58 car parks (STCA).
North Mackay Central features the newest office building in Mackay with 1,031sqm building area. Purpose built for the Hail Creek Coal operations (Glencore), it has been occupied by the company since 2011.
Michael Feltoe and Lachlan O’Keeffe from Ray White Commercial QLD are handling the transaction and have described the property as “one of the most exciting shopping centres for sale in Australia”.
“The main reasons for this is the recent long term commitment from both of the major tenants, having over 80 per cent of the income paid by essential service tenants and Stage 2 providing immediate or future upside” Mr Feltoe said.
Mr O’Keeffe said IGA’s in Queensland have performed exceptionally strongly since the beginning of the pandemic, with average sales growth in excess of 15 per cent across all of Queensland.
“We’ve seen first hand the results that can be achieved with the confidence buyers have in IGA supermarkets across Queensland, so we are eager to continue that trend with North Mackay Central.”
The opportunity, with its existing improvements and development upside, is perfectly placed to capitalise on the hotly anticipated growth of Mackay, with the broader region boasting a $13.3 billion development pipeline across a range of public and private projects.
Only 1.6km south of North Mackay Central is the ReNew Mackay’s $300 million waterfront development which will span six city blocks generating 3,000 jobs during construction, $70 million annual economic output, and 800 ongoing jobs.
North Mackay Central is available to purchase via an expressions of interest campaign closing on Wednesday, May 4, at 4pm.