Woolworths Group has listed its recently completed Gubuda-Gordonvale Shopping Centre for sale and the property is expected to attract significant investor interest.
Located at 124 Fisher Road in Gordonvale, 22km south of the Cairns CBD, the Woolworths-anchored neighbourhood shopping centre occupies a 20,580m2 high exposure site with direct access to the Bruce Highway.
CBRE’s Michael Hedger, Joe Tynan, and Danny Betros are exclusively managing the sale on behalf of Woolworths Group via an Expression of Interest campaign.
Hedger noted the 3,880m2 centre, built in 2022, is set to benefit from significant population and retail expenditure growth within the region, including a future land lease residential community development of over 300 lots directly adjoining the centre
“Gubuda-Gordonvale Shopping Centre is at the heart of Gordonvale, providing the most convenient retail shopping amenity within the community. The centre and its rapidly growing catchment will further benefit from the expansion of this town centre precinct, with QSR heavyweight operators McDonald’s (DA Approved) and KFC (under construction) set to open stores on the adjacent pad sites soon,” Hedger said.
The centre represents excellent value with replacement costs far exceeding market expectations for the asset,” Hedger added.
The centre will be sold with a new 10-year lease to Woolworths Group, who occupy a 3,315m2 full-line supermarket, representing 85% of the gross floor area. The supermarket is supported by five specialty stores with tenants including Dominos and Discount Drug Store, and boasts an 8.3 year WALE providing long term income security.
According to transactions tracked by CBRE, a total of $341 million in Queensland neighbourhood sales were recorded across 11 transactions in 2024, with $232 million of that in the latter half of the year. This recent surge is believed to be a result of emerging buyer confidence in the market due to the stabilisation of interest rates.
“The neighbourhood investment sector continues to be a highly sought after asset class given the income profiles generally have a high weighting towards non-discretionary retailers and are underpinned by genuine growth,” Tynan added.
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