Stonebridge is proud to exclusively present for sale Belmont Citi, a rare opportunity to acquire a well-established neighbourhood shopping centre occupying the largest landholding in Belmont CBD with value-add potential.
Held under the same ownership structure for 27 years, Belmont Citi is anchored by a strong performing Coles supermarket including Liquorland, supported by a complementary mix of 20* specialty shops, 3* kiosks and 2* ATMs over 6,801 sqm* of lettable area. The income stream is highly sheltered via the strong investment fundamentals with a non-discretionary focus plus excellent income growth potential.
The key highlights of this rare opportunity include:
- Dominant convenience-based shopping centre, anchored by a high performing 4,834 sqm* Coles & Liquorland + 20 specialties & 3 kiosks (6,801 sqm* GLAR)
- Commanding 1.75 ha* mixed-use land parcel with low 39%* site coverage, located 15 km* south of Newcastle
- The only Coles in the Primary Trade Area on a rare net lease, historically paying percentage rent
- Defensive & growing income stream - Coles underpins 57%* of income, WALE of 6 years & annual specialty rent reviews of 3%-4%
- Income uplift potential with average specialty gross rents 30%* below benchmark & value-add levers (1)
- Affluent main trade area with average household income 10% above the non-metro NSW average (2)
- Convenient and easily accessible at-grade parking for 304 vehicles* (4.5 spaces* per 100 sqm of lettable area)
- Rarely traded - held under the same ownership structure for 27 years
- Estimated fully leased net income of $2.55 million p.a.**
For Sale via Expressions of Interest closing Thursday 10th October 2024 2024 ay 4:00pm (AEDT).
To obtain further information or to arrange an inspection, please contact the exclusive selling agents at Stonebridge.
* Approx.
** Forecast as at 1-Dec-24
1 Urbis benchmark for “Supermarket Based Shopping Centres”
2 LocationIQ
Property Code: 1042