Albany Creek Village put up for sale following major refurbishment
Real estate investment trust Growthpoint Properties Australia is selling Albany Creek Village shopping centre, with an expression of interest campaign set to begin next week.
Located at 700 Albany Creek Road, north of Brisbane, the centre is anchored by Coles, which recently underwent a $7 million refurbishment along with an upgraded click and collect facility.
CBRE’s Joe Tynan and Michael Hedger together with JLL’s Jacob Swan and Ned Mckendry are managing the sale via an expression of interest campaign, which will launch on March 18.
Tynan said the high-performing venue will be defined as a true town centre and offers re-positioning opportunities in a prime metropolitan Brisbane location.
“Given rising construction costs, existing retail assets that have undergone recent refurbishment are benefiting from the extreme constraint of new supply,” added Hedger. “With the added benefit of genuine income upside and a completed extensive refurbishment, Albany Creek Village is positioned for acquisition below replacement cost.”
CBRE Research expects investment volumes to grow by more than 50 per cent between 2023 to 2025, with neighbourhood centres like Albany Creek Village continuing to attract significant interest from primarily private investors.
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