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Mintus snap up West Gosford Shopping Centre

Property Markets / Transactions

Australia

Jun 05 2019

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Private investor Mintus has added another retail asset to its growing property portfolio, by purchasing the West Gosford Shopping Centre, an established neighbourhood centre, anchored by Coles/ Liquorland for $23 million from ISPT/ Coles.

 

The single level neighbourhood centre at 269-299 Brisbane Water Drive, West Gosford sits on a 17,559sqm* site with a Gross Lettable Area of 9,249sqm.* The centre includes a well performing Coles and Liquorland supported by a number of specialty tenants. 

 

The property was sold off market by Steven Lerche and Andrew Palmer of Savills Australia who said the centre is strategically located at the intersection of the Central Coast Highway and Brisbane Water Drive and has significant value add potential.

 

According to Steve Lerche, National Director, Retail Investments at Savills Australia, “This is a rare opportunity to undertake a refurbishment/ redevelopment of a strategically located shopping centre on the Central Coast of NSW.

 

“The Central Coast is a thriving and growing catchment and this property is situated at the bottom of the Gosford escarpment and is the first major shopping centre in the region” he said. 

 

The centre has convenient on grade parking for 210 cars and town planning is Zoned “B2 Local Centre” under the “Gosford Local Environmental Plan 2014” with a FSR: 1:1 Height Limit: 11.5 metres.

 

According to Andrew Palmer, Associate Director, Retail Investments at Savills Australia, Gosford is the third largest urban hub in NSW and is strategically located 70kms north of Sydney and 95kms south of Newcastle.

 

“The Central Coast is a major population growth area of NSW with a current population estimated at 337,765, AND IS expected to grow to 414,615 by 2036 (over 21% increase). There is also a large trade area catchment population with 16,000 in the MTA” he continued.

 

The Gosford City Centre Masterplan 2031 plans to revitalise the city centre and sustainably managing projected growth. It aims to help achieve a residential target of an additional 10,000 residents and 6,000 new jobs by 2031.

 

According Ben Stewart, Director, Retail and Residential at Mintus “West Gosford represents a fantastic opportunity for Mintus to redevelop and reinvigorate the precinct to reflect current retail trends and position the asset for strong future growth. We look forward to working with Coles, Council and the public to provide a convenient neighbourhood centre that suits the local area”.

 

The Central Coast Council area’s Gross Regional Product was $13.72 billion in the year ending June 2017, growing 1.6% since the previous year. (Source: economy.id) The Gosford City population as at 2018 is estimated at 173,593* and is forecast to grow to 189,195* by 2036 (Source: forecast.id).

 

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