A dominant neighbourhood shopping centre which has been held by a local family for almost 60 years is being brought to market with RWC Retail’s Michael Feltoe and Lachlan O’Keeffe.

Located at the corner of Ingham Road and Hugh Street, Garbutt Central is just 4km west of Townsville’s CBD within one of the city’s busiest commercial and industrial precincts. 

It has been anchored by Queensland’s largest IGA operator, Cornetts Supermarkets, since its redevelopment in 2006. 

The centre comprises 3,593sqm of building area, with 13 tenancies across three standalone buildings, and has been the dominant centre in the catchment since its construction in 2006.

The centre currently provides an annual net income of $1,066,370 + GST, with tenants on a mix of 3 per cent and CPI rental reviews. 

According to Mr Feltoe, Garbutt Central’s defensive tenancy profile is likely to appeal strongly to private investors seeking passive assets.

“More than 80 per cent of the centre’s income is underpinned by non-discretionary tenants, which together with a WALE of 4.74 years, is exactly the type of investment that private investors are continuing to seek out,” he said. 

“And with the longstanding history of the IGA anchor, investors can be assured of the passive nature of this centre.”

Ideally positioned on a prime 1.11ha site at the crossroads of two of Townsville’s busiest roads, Garbutt Central enjoys prominent four-street frontage with visibility to over 221,000 vehicles weekly.  

The centre has a customer-friendly accessible layout, complete with 150 car parks and convenient three-street access.

Mr O’Keeffe said the centre also offers immediate and future redevelopment potential, presenting a rare opportunity to further capitalise on the site's high-profile location.

“Garbutt Central presents incoming purchasers with an underutilised portion of of land that is perfectly suited to redevelop or reposition for fast food, fuel, or childcare developments given its exceptional traffic volumes and access,”he said. 

Garbutt Central is for sale via expressions of interest closing 4pm, 7 November. 

Related readings

Beloved Ashgrove centre sold at spirited auction - RWC Retail

New Farm retail for sale by RWC

Iconic cinema complex hits the market - RWC | Commo.

Gold Coast shopping centre for sale - RWC Retail | Commo.