Mill Village New 15 Year Lease To
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INFORMATION MEMORANDUM NAMBOUR MILL VILLAGE NEW 15 YEAR LEASE TO For Salei | NAMBOURby Public MILL Expression VILLAGE IM of Interest closing CBRE NATIONAL RETAIL INVESTMENTS Thursday 17 September at 5:00pm AEST 5,255 SQM* ii | NAMBOUR MILL VILLAGE IM CBRE NATIONAL RETAIL INVESTMENTS CONTENTS 1. EXECUTIVE SUMMARY 3 2. LOCATION 8 3. SITE DETAILS 10 4. PROPERTY DESCRIPTION 13 5. FINANCIAL SUMMARY 16 6. TRADE AREA ANALYSIS 20 7. METHOD OF SALE 23 8. AGENTS’ DETAILS 24 9. DISCLAIMER 23 3,900 SQM* 7,395 SQM* CBRE NATIONAL RETAIL INVESTMENTS NAMBOUR MILL VILLAGE IM | 1 2 | NAMBOURLARA VILLAGE MILL SHOPPING VILLAGE IM CENTRE IM IM CBRECBRE VICTORIANNATIONAL RETAIL INVESTMENTS THE OFFERING CBRE National Retail Investments are pleased to present for your consideration, the unique opportunity to acquire Nambour Mill Village, a strong performing Coles anchored neighbourhood shopping centre located in Nambour with surrounding land available for complementary retail or commercial development. We highlight a number of key attributes below: • A strong performing neighbourhood shopping centre of 6,460sqm* GLA, located 100km north of the Brisbane CBD in the growing Sunshine Coast region. • Anchored by a full line Coles Supermarket (new 15 year lease), one (1) mini major and 11 specialty retailers. • Benefitting from 272 highly convenient and shaded at grade car spaces, plus an additional 98 basement car parks. • Servicing a vast catchment area of 39,880 people**, projected to grow to 50,590 by 2026** • High proportion of floor area leased to Major & Mini Major tenants (70%). • Above average car parking ratio of 5.7/100sqm. • Majority of income derived from national tenants (79%* of gross income). • Long WALE of 12.4 years by income for the whole centre. • Food, liquor and grocery spending within the retail trade area, is expected to grow from $231 million in 2015 to $411 million by 2026 reflecting average annual growth of 5.4% over the forecast period, or a total increase of $180 million.** • Lower speciality shops rent per sqm by comparison to the Urbis Shopping Centre Benchmarks 2014 for single supermarket centres. The property is being offered by way of a Public Expression of Interest campaign closing at 5:00pm (AEST) Thursday 17 September 2015. To obtain further information, or to arrange an inspection, please contact the exclusive sales and marketing agents at CBRE National Retail Investments. * approximately **MacroPlan Dimasi CBRE NATIONALVICTORIAN RETAILRETAIL INVESTMENTSINVESTMENTS NAMBOUR MILL VILLAGE IM | 3 1. EXECUTIVE SUMMARY PROPERTY MAJOR TENANT PROFILE Nambour Mill Village Shopping Centre COLES (NEW 15 YEAR LEASE, 4,081 SQM) 9–13 Mill Street, Nambour QLD ESTIMATED NET INCOME (FULLY LEASED) DESCRIPTION $2,064,877 per annum* Nambour Mill Village Shopping Centre is a recently constructed neighbourhood shopping centre opened in GROSS LETTABLE AREA (GLA) December 2013. The centre is anchored by a full line Coles Supermarket, Discounts Galore and 11 specialty COMPONENT GLA (SQM) shops. Coles Supermarket 4,081* In addition to the retail component on the ground floor Discounts Galore 409* an office component of 1,152 sqm is located on the first Specialty Shops (11) 818* floor above the shopping centre. ATM (1) 1* Offices 1,151* LOCATION Total Centre GLA 6,460 * Nambour is located in the hinterland of the Sunshine Coast, approximately 14km west of Maroochydore and CATCHMENT 90km north of Brisbane. The main trade area population is estimated at 39,880 residents at 2015, including 17,190 residents The Centre is prominently positioned on the corner of in the combined primary sectors. The main trade area Mill Lane and Bury Street, Nambour. population is projected to reach 50,590 residents by 2026, including 21,940 residents in the combined SHOPPING CENTRE SITE AREA primary sectors, reflecting an average annual growth of 17, 7 2 0 s q m* 2.2% over the forecast period. ADJOINING SITES AREA Source: MacroPlan Dimasi August 2015 16,550 sqm* TRADE AREA RETAIL SPENDING ZONING The retail spending capacity in the Main Trade Area is expected to increase from $231 million in 2015 to Major Centre Zone under the Nambour Local Plan $411 million in 2026, reflecting an average annual growth of 5.4%. CAR PARKING Highly convenient at grade car parking for 272 vehicles Source: MacroPlan Dimasi August 2015 plus an additional 98 basement car parks. Car parking ratio of 5.7/100m2. * approximately 4 | NAMBOUR MILL VILLAGE IM CBRE NATIONAL RETAIL INVESTMENTS METHOD OF SALE For Sale by Public Expression of Interest campaign closing at 5:00pm (AEST) Thursday, 17 September 2015. CONTACTS Justin Dowers Senior Associate Director P: +61 3 8621 3346 M: +61 438 098 805 E: justin.dowers@cbre.com.au Mark Wizel Senior Director P: +61 3 8621 3315 M: +61 409 809 868 E: mark.wizel@cbre.com.au Craig O’Donnell National Director P: +61 7 3833 9849 M: +61 419 675 202 E: craig.odonnell@cbre.com.au CBRE NATIONAL RETAIL INVESTMENTS NAMBOUR MILL VILLAGE IM | 5 6 | NAMBOUR MILL VILLAGE IM CBRE NATIONAL RETAIL INVESTMENTS CBRE NATIONAL RETAIL INVESTMENTS NAMBOUR MILL VILLAGE IM | 7 2. LOCATION Nambour Mill Village is located in the hinterland of the SUNSHINE COAST REGIONAL SNAPSHOT Sunshine Coast, a major tourist precinct attracting both • 8.5 million visitors to the region; domestic and international visitors. Approximately 14kms west of Maroochydore and 90km north of Brisbane. • One of the fastest growing regions in Australia, nearly 120,000 residents are expected to move to Nambour is one of the main administrative and business the region over the next 15 years at a rate of 8,000 hubs on the Sunshine Coast, particularly for residents of people per annum; the hinterland and rural areas. • Gross Regional Product of the Sunshine Coast The Nambour Town Centre provides surrounding economy totalling $12.9 billion in FY14; residents with a range of retail facilities including Nambour Mill Village and Nambour Plaza, plus a • On track to be the first regional city in Australia to range of specialty stores located in the area. offer international broadband connectivity to global markets, generating an estimated $700 million to The property is conveniently located in the south-western the region’s economy per annum. part of the Nambour Town Centre, at the intersection of Bury Street and Mill Lane. It offers residents throughout Source: MacroPlan Dimasi August 2015 the surrounding region an attractive destination for food and grocery shopping with the only Coles supermarket. 8 | NAMBOUR MILL VILLAGE IM CBRE NATIONAL RETAIL INVESTMENTS “The Sunshine Coast is one of the fastest growing regions in Australia. Nearly 120,000 residents are expected to move to the region over the next 15 years, at the rate of 8,000 people per annum.” CBRE NATIONAL RETAIL INVESTMENTS NAMBOUR MILL VILLAGE IM | 9 3. SITE DETAILS TITLE PARTICULARS The property is held within Certificate of Title detailed as follows: Lot 1, SURVEY PLAN 263819 County of CANNING, 2 Parish of MAROOCHYDORE ADDRESS Corner of Mill Lane and Bury Street, 1 Nambour QLD 4560 SITE AREA 35 Mill Lane, Nambour 1 Lot Plan: 1 SP263819 3 Land Area: 17,720 sqm ADJOINING DEVELOPMENT SITE AREA 5 Mill Street, Nambour Lot Plan: 3 SP263819 Land Area: 960 sqm* 7 Mill Street, Nambour Lot Plan: 2 SP263819 4 Land Area: 1,215 sqm* 2 14 Bury Street, Nambour Lot Plan: 4 SP263819 Land Area: 2,000 sqm* 18 Bury Street, Nambour Lot Plan: 5 SP263819 Land Area: 1,080 sqm* 30 Mill Lane, Nambour 15 Mill Lane, Nambour Lot Plan: 6 SP270461 Lot Plan: 8 SP270461 Land Area: 1,950sqm* Land Area: 4,775 sqm* 3 4 20 Mitchell Street, Nambour 9 Mill Lane, Nambour Lot Plan: 7 SP270461 Lot Plan: 9 SP270461 Land Area: 1,950 sqm* Land Area: 2,620 sqm* * approximately 10 | NAMBOUR MILL VILLAGE IM CBRE NATIONAL RETAIL INVESTMENTS SHOPPING CENTRE FRONTAGES ZONING FRONTAGE LENGTH (METRES) The property is subject to the ‘Major Centre Zone’ Mill Street 43* under the Nambour Local Plan. Mill Lane 250* (a) be developed as a major regional activity Mitchell Street 53* centre for the Sunshine Coast, servicing a part of the sub-region and complementing the role of Maroochydore as the principal regional activity centre for the Sunshine Coast. (b) accommodate a range of higher order business activities, entertainment activities, multi unit residential activities and community activities in an active and vibrant mixed use environment; and (c) have a scale and intensity of development that is commensurate with the role and function of a major regional activity centre as specified in the Sunshine Coast activity centre network and the applicable local plan code. Source: Sunshine Coast Council * approximately CBRE NATIONAL RETAIL INVESTMENTS NAMBOUR MILL VILLAGE IM | 11 12 | NAMBOUR MILL VILLAGE IM CBRE NATIONAL RETAIL INVESTMENTS 4. PROPERTY DESCRIPTION Nambour Mill Village is a brand new convenience The Nambour Town Centre provides for all major retail based neighbourhood shopping centre which opened facilities, with Nambour Mill Village directly benefitting in late 2013. The Centre is anchored by a 4,081sqm from the integrated town centre location which enables Coles Supermarket, Discounts Galore (mini major) and the local population to undertake their daily and weekly 11 specialty shops. shopping needs. Nambour Mill Village is focused on non-discretionary food and convenience offer to service the needs of the surrounding residents. The inclusion of newsagency and pharmacy further enhances the convenience offering. Public Access Loading zone/staff Access Store Entrance Access to Level 1 Offices 4 7, 3 9 5 s q m* RAMP TO BASEMENT PARKING LOT 1 MILL STREET 3 3,900sqm* MILL LANE 2 5,255sqm* “Nambour Mill Village has the added flexibility for future development and expansion, given Sites 1, 2, 3 and 4 are all included in the sale.” CBRE Retail Investments CBRE NATIONAL RETAIL INVESTMENTS NAMBOUR MILL VILLAGE IM | 13 GROSS LETTABLE AREA COMPONENT GLA (SQM) GLA (%) 63.17 % 6.33% Coles Supermarket 4,081.0 63% Discounts Galore 409.0 6% Speciality Shops (11) 818.0 13% Specialties 12.66% Office 1,151.5 18% Total Centre GLA 6,459.5 100% O f fi c e s 17.