One of Townsville’s most popular convenience-based retail centres, The Precinct, is being brought to market through Ray White Commercial QLD’s Lachlan O’Keeffe and Michael Feltoe.

Located at 12-18 Village Drive, Idalia, the single level retail centre is anchored by Otto’s Market, and offers three standalone drive-throughs and 18 specialty stores spread across four buildings. It provides 3,692sqm of GLA, along with 147 car parks, set across the 1.44ha site. 

The centre has a fully leased net income of $1.65 million and a WALE of 5.66 years by income. 

With a history dating back to 1966, Otto’s Market has flourished into a North Queensland icon. Since revamping and rebranding their original Warrina Store in 2013, Otto’s have grown to four stores across Townsville including The Precinct, JCU and Castletown Shopping Centre.

Mr O’Keeffe said Otto’s was an all-inclusive model which included a specialty deli, harvest, and dining options all under one roof, and was a sign of the future for independent supermarkets. 

“I think the Otto’s model is a truly revolutionary one, and its popularity across Townsville is only set to grow further as support for this type of supermarket increases,” he said. 

“We saw this support first-hand in May with Otto’s Warrina - which included a number of specialty sub-tenants and a skate rink - selling for $8.7 million.” 

Since being fully opened in 2012, The Precinct has grown into a thriving retail destination which is 98 per cent occupied with a complementary mix of local favourites and national chains including Red Rooster, Subway, Pizza Hut and Night Owl which, according to Mr Feltoe, give The Precinct a distinct advantage.

“The Precinct has proven itself to be an incredibly resilient and popular destination in recent years, with its convenience-centric model being especially important in helping it thrive despite recent worldwide challenges,” he said. 

“This has been especially true since the opening of Otto’s Market, with its premium offering perfectly complementing the numerous national tenants with head office leases who have leased for over a decade.”

Just 5km from the Townsville CBD, The Precinct sits directly opposite the 75ha Brolga Park, Townsville’s largest sporting hub which is set to undergo a $2.5 million redevelopment ahead of the 2023 FIFA Women’s World Cup.

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