A premium portfolio of three high-performing convenience focused shopping centres has been listed for sale across Queensland and Western Australia. This offering presents a rare opportunity to acquire substantial scale and diversification, coupled with a resilient income stream and guaranteed growth, in the highly sought-after retail investment sector. 

Stonebridge’s Carl Molony and Philip Gartland, alongside JLL’s Jacob Swan, Sam Hatcher and Ned Mckendry, have been exclusively appointed to market Town Square Redbank Plains Shopping Centre (QLD), Rothwell Shopping Centre (QLD) and Dalyellup Shopping Centre (WA) on behalf of Singapore-based Sim Lian – Metro Capital.

The assets are available via an international expressions of interest campaign and can be acquired either individually or in-one-line.

Stonebridge’s Carl Molony highlighted the outstanding nature of the offering, stating: “the portfolio delivers a combined fully leased net operating income of approximately $15.57 million per annum, underpinned by three convenience and daily needs focused retail assets with strong major tenant diversity. Woolworths, Coles, ALDI and Target comprise 61% of the portfolio by area providing excellent income security with a major tenant weighted average lease expiry of 8.9 years by income."

Town Square Redbank Plains Shopping Centre (QLD)

Located 31km south of Brisbane CBD, Town Square Redbank Plains is a triple-supermarket anchored sub-regional shopping centre, featuring Woolworths, Coles, Aldi, and Target, alongside 4 mini-majors, 54 specialty shops, 5 kiosks, and 8 external/pad sites. The centre spans 27,326 sqm of lettable area with 1,238 at-grade and undercroft parking spaces.

Town Square is strategically located in a high growth catchment with 134,853 people in the main trade area (2024), growing at 3.4% per annum to 2046, verses the South East Queensland average of 1.6% per annum1.

The centre is trading strongly with specialty sales productivity is 16% higher than the sub-regional Urbis benchmark  and paying percentage rent. Additionally, there is guaranteed rental growth with 80% of leased specialty income tied to CPI, 3% or greater fixed annual increases.

JLL’s Jacob Swan commented: “Town Square sits on a commanding 6.5-hectare site in the heart of Redbank Plains and offers multiple value-add opportunities, including pad site sell-downs, subject to council approval, as well as strong rental uplift potential. With retail growth forecast to rise 6.1% per annum, reaching $7.0 billion by 2046, this asset presents compelling long-term upside.”

Dalyellup Shopping Centre (WA)

Located 9km south of Bunbury, Dalyellup Shopping Centre is a high-performing and dominant Woolworths-anchored neighbourhood centre, featuring 1 mini-major, 14 specialty shops and 2 kiosks.

The centre is configured over 6,469 sqm of lettable area with 340 car spaces with a high proportion of shade sails on a high exposure 22,827 sqm site. Woolworths secures 57% of gross rent on a rare 20-year lease with 4x10 years option plus with minimum 5% base rent increases every 5 years.

Stonebridge’s Philip Gartland noted: “Dalyellup’s population growth is befitting of a metropolitan asset, positioned within one of south-western Australia’s fastest-growing corridors. The main trade area is expanding at 1.4% per annum, nearly three times the broader Western Australia average1.”

The tenant mix is heavily weighted toward food, service and convenience offerings, generating 85% of the centre’s gross rent. Notably, there is strong rental growth potential as retail specialty rents are 31% below Urbis benchmarks, supported by strong turnover performance 14% above benchmarks and sustainable occupancy cost ratios of 6.7%.

Rothwell Shopping Centre (QLD)

Situated 35km north of Brisbane CBD, Rothwell Shopping Centre is convenience-focused and long WALE neighbourhood shopping centre anchored by Woolworths, benefiting from a high-barrier-to-entry location in a gentrifying growth corridor.

The centre is anchored by Woolworths securing 61% of gross rent on a rare 25-year lease, with options extending to 2079 and minimum 5% base rent increases every 5 years.

It also includes 9 specialty shops, and 1 kiosk configured over 4,966 sqm of lettable area, with over 97% of passing income derived from grocery, food, and essential services, including a medical centre and pharmacy.

With a long WALE of 11.9 years by area and 100% of leased specialty income linked to attractive 4.00% fixed annual reviews, Rothwell provides exceptional income security.

JLL’s Sam Hatcher commented: “the Centre occupies a strategic 20,094 square metre landholding in a strong retail precinct, which includes an approximate 2,300 sqm pad site for future development with main road exposure. Additionally, a low 25% site coverage presents further development upside over time.”

The Australian Convenience Retail Portfolio is offered for sale individually or in-one-line via a Public Expression of Interest campaign closing on Thursday, 27 March 2025.

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