Colliers marketing a Neighbourhood Shopping Centre anchored by a Coles supermarket in NSWs Hunter Valley Region for sale exclusively by Colliers’ agents James Wilson and Ben Wilkinson, with price expectations of $20 million.

A strategic Neighbourhood Shopping Centre in the Upper Hunter Region, anchored by a strong performing Coles supermarket, will be the first NSW Non-Metro Neighbourhood Shopping Centre to be publicly marketed in 2024.

Scone Village occupies a strategic 8,878sqm site in Scone’s CBD, and provides 4,111sqm of GLA anchored by a strong performing Coles Supermarket and an additional 11 predominantly essential service specialty tenancies.

The Centre was acquired by the local syndicate in 2015, and during their ownership have actively repositioned the Centre including a refurbishment which has driven the Coles to be the dominant supermarket within its Main Trade Area, in addition to attracting strong retailers including Discount Drug Store, Kaisercraft and Icebox Liquor.

Colliers’ agents James Wilson and Ben Wilkinson have been exclusively appointed on this offering, with price expectations of $20 million.

“We anticipate strong buyer interest from predominantly private investors and funds for Scone Village Food Emporium given the Centre’s strong fundamentals are rarely offered at such a low price point,” Mr Wilson said. “Centres anchored by supermarkets paying turnover rental are scarcely publicly marketed, with the last NSW Non-Metro Convenience retail Centre to be publicly marketed paying turnover rental being back in 2022.”

“Scone Village Food Emporium allows for future positive rental reversion, with average specialty rents 40.9 per cent below the 2023 Urbis benchmark. There is further ability to drive value through Centre expansion and capital improvements, such as the implementation of solar,” Mr Wilkinson said.

Coles is the largest and most dominant supermarket in the catchment, anchoring the only neighbourhood shopping centre in the main trading area, the nearest being 25km away.

The Centre benefits from significant street frontage along Kelly Street, a key arterial road running through Scone, connecting the town to the New England Highway. There is also the opportunity to expand the Centre pending approvals,

The retail spending profile of the main trading area reflects an annual growth rate of 3.1 per cent per annum, with it projected to reach $406.1 million by 2041.

A 100 per cent interest in Scone Village Food Emporium is being exclusively offered for sale via Expressions of Interest closing on Wednesday, 5 June 2024.  

Scone Village Shopping Centre for sale by Colliers