Bn one of the most exciting offerings in the commercial real estate market for 2024, Glebe Hill Village is set to test investor demand in the retail sector, with what can only be described as one of Australia’s finest neighbourhood shopping centre developments.

The Tipalea Partners development will be offered exclusively by JLL Directors, Stuart Taylor, Jacob Swan and Tom Noonan.  The property will be sold by an Expression of Interest campaign commencing next week.

Located in the growth corridor of Howrah on Hobart’s eastern shore, Glebe Hill Village is the first neighbourhood shopping centre to be developed in Hobart for over 10 years. Having opened in August 2022, the centre is anchored by the latest generation Coles supermarket, a McDonald’s pad site, Priceline Pharmacy, Liquorland and 16 supporting specialty stores across a total GLA of 6,000 square metres, with 260 car bays.

Tipalea brought together a team of leading consultants to create a centre that prioritises the customer experience through a standard of quality and features not seen before in the sector. The team included BDA Architecture, Meld Strategies, icLogix, Location iQ and leading Tasmanian contractor Fairbrother who undertook the construction.

With a highly curated tenancy mix of medical, fresh food, services and dining, Glebe Hill provides the highest level of convenience and experience to meet the everyday shopping needs of the community. Since opening, the centre has become the most technologically and environmentally advanced neighbourhood centre in Tasmania, if not Australia, with a full solar array, EV charging stations, smart bathrooms, air quality monitors, a weather station, car counters, people counters, free wireless charging stations, Tasmania’s first dedicated smart app, cloud-based CCTV throughout, duress intercoms and a building information dashboard.

JLL’s Stuart Taylor remarked, “The centre represents an asset of unparalleled quality, a level of craftmanship unseen in the Neighbourhood sector. We are expecting significant national and offshore interest in this campaign from a range of purchaser types, primarily due to the quality and performance of the asset, but also because there is a major undersupply of quality assets to the market.” 

Jacob Swan commented “It is rare that assets of this calibre are presented to the open market, with Glebe Hill underpinned by an exceptionally strong performing Coles supermarket, already trading well in excess of percentage rent thresholds. The asset provides an attractive combination of security of income with significant growth potential, key factors that drive active capital decision making.”

Scott Spanton, CEO of Tipalea Partners, commented “Whilst working alongside Location iQ’s demographers, our research identified Howrah as a significant network gap for Coles. This research has been vindicated yet again by the strong trading performance of Glebe Hill Village and this research has been directly responsible for our other centres already developed or proposed at Pimpama, Marian, Cobram and Devonport.”

According to JLL Research, retail transactions in Tasmania have surpassed $130 million year-to-date, with JLL negotiating approximately 75% of these deals. The state is on track to achieve its highest annual volume of retail transactions, potentially exceeding the previous record of $175 million established in 2015.

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