Queensland shopping centre’s new additions
The 48,500sqm centre was acquired mid-2015 by the QIC Active Retail Property Fund, established to build a portfolio of sub-regional shopping centres and high-quality large format centres.
Bed Bath N’ Table has secured a 384sqm showroom while Plush has leased a 1193sqm showroom.
The latest lease commitments were negotiated by Damian Crocetti and Andrew Brimson of CBRE’s Large Format Retail team. The centre houses over 60 Australian home and lifestyle retailers, including Nick Scali, Snooze, Pillow Talk, Forty Winks, BCF, JB Hi-Fi Home, The Good Guys and Freedom Furniture.
“The centre’s diverse tenancy mix was a primary draw card for both Bed Bath N’ Table and Plush,” Crocetti said.
“The entry of these national brands into the Townsville market exemplifies the resilience of the region and the confidence these retailers have in Domain Central,” he added.
The investment into retail centres within the Townsville area demonstrates confidence in the region, according to CBRE, with $433 million transacted over the last 18 months.
CBRE research analyst, Erin Rolandsen, said this confidence was underpinned by “exceptional growth” in tourism over the past year with visitor numbers increasing 24.9 per cent in the year to December 2015; and solid population growth in Townsville exceeding Queensland averages over the last five years, at 2.0 per cent per annum compared to 1.7 per cent.
The pace of growth is expected to continue, with the population of Townsville forecast to reach 289,000 by 2036, equivalent to nearly 90,000 new residents.
“The addition of these new retailers will drive further employment opportunities in Townsville and cater for continued growth in the precinct,” Crocetti said.
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