A brand-new convenience centre, which is the centrepiece of a $1.8 billion Mirvac and PEET master-planned township located on the NSW/ACT border, has come to market.

Located in the heart of Googong Central Town Centre, Googong Convenience Centre comprises a new convenience offering providing essential retail amenities to Googong including McDonalds, KFC, 7-Eleven, Aspire Early Learning, and The Reject Shop.

The strategic 1.180-hectare development site will form part of Googong Central Town Centre, located in the heart of the $1.8 billion award-winning residential community. Fully developed, the Town Centre is expected to contribute $185 million per annum to the retail industry.

Googong Convenience Centre is exclusively listed with the Colliers team of James Wilson, Ben Wilkinson and Matthew Winter.

“Googong Convenience Centre is Stevens Group’s latest retail development, with the Centre featuring high profile national retailers including McDonald’s, KFC, 7-Eleven, childcare and The Reject Shop. Upon completion the Centre will feature a WALE 14 years (by income) with trade supported by the relatively affluent Main Trade Area, located 16 km from Parliament House in Canberra’s rapidly evolving south east growth corridor,” said James Wilson, Head of Retail Middle Markets, Australia.

“With an expected completion in September 2025, Googong Convenience Centre will provide significant depreciation benefits for an incoming investor, with all signed AFLs subject to annual fixed rental reviews of 3-3.5%, ensuring ongoing rental growth and long-term income security. Googong is currently an under-serviced catchment with high barriers to entry and significant retail demand, which is being driven by a strong annual average growth rate of 5.3% per annum,” said Ben Wilkinson, Manager, Retail Middle Markets.

“Googong Convenience Centre is a combination of some of our favourite retail brands in one location and we are looking forward to bringing the plans to reality with construction to start shortly. Stevens Group have recently completed similar pre-sale and fund through projects to private investors and large real estate institutions and have a strong track record on delivery. We have just sold BP Parkes to Fawkner Property Group on a fund through structure, which enables us to recycle equity into creating more opportunities like Googong,” said vendor, Jason Capuano, Development Director at Stevens Group.

Googong Central Town Centre will be the centrepiece of the master-planned area, positioned just inside the main entry off Wellsvale Drive. This location is accessible for residents of the township and is close to the small and scattered rural population outside Googong and for passing traffic on Old Cooma Road.

Directly to the south of the site, strong continual residential growth and expansion paired with the future Googong High School, expected to be operational in 2027, continues to drive the need for convenience retail offerings. Googong has a current estimated population of 10,500+ residents and has undergone significant residential development within Googong North and Googong East. The population is forecast to exceed 20,500+ residents by 2035 at an average annual rate of 5.3%.

The precinct is expected to contribute $185 million per annum to the retail industry, generating hundreds of local jobs, over 600 flow-on jobs in nearby Queanbeyan, and more than 500 full-time construction positions per years.

The annual average growth rate of 5.3% per annum with MTA population projected to increase to 20,506 by 2035. MTA retail spending is projected to increase to $590.4 million in 2032, representing an average annual growth rate of 11.2%. Individual income levels are 20% above ACT average and household incomes 57% above the Australia average.

Googong Convenience Centre is exclusively marketed via an Expressions of Interest (EOI) campaign, closing 2:00pm (AEST) on Wednesday, 4 September 2024.

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