Queensland’s Market Central Lutwyche shopping centre for sale

Northern Brisbane’s Market Central Lutwyche, home to Aldi, Coles, and Woolworths supermarkets, is up for sale.

Its owner has tapped Stonebridge’s Carl Molony, Philip Gartland, and Justin Dowers, along with JLL’s Nick Willis and Sam Hatcher, to sell the property through an expressions-of-interest campaign.

Aside from the three major supermarkets that generate over $121 million in sales, Market Central Lutwyche also has leasing agreements with two mini-majors, 29 specialties, 10 kiosks, and 14 office tenancies.

The 2.15-hectare land holding also has 760 undercover car spaces with two vehicular access points, generating permanent and temporary car parking income.

“Market Central Lutwyche will be the first institutional grade opportunity to be offered to the market in metropolitan Brisbane this year and will provide capital an opportunity to acquire a dominant asset in the robust and growing South East Queensland market,” said Willis.

“Brisbane continues to be extremely tightly held for core non-discretionary-based offerings, with the majority of owners being private and long-term owners. Over the last five years, only three neighbourhood centres above $100 million in Brisbane have transacted, further outlining the tightly held nature of the market,” said Hatcher.

Market Central Lutwyche offers a long-term land bank with mixed-use zoning and a height limit of up to 12 storeys.

The post Queensland’s Market Central Lutwyche shopping centre for sale appeared first on Inside Retail Australia.