A new convenience centre in Googong, featuring a 7-Eleven and a number of quick service restaurants, has come to market.
The 1,180-hectare development site is located in the heart of Googong Central Town Centre and forms the centrepiece of a $1.8 billion Mirvac and PEET master-planned township located on the NSW/ACT border.
Googong Convenience Centre will provide essential retail amenities to Googong including a McDonalds, KFC, 7-Eleven, Aspire Early Learning, and The Reject Shop.
Ben Wilkinson, Manager, Retail Middle Markets at Colliers, said the site has an expected completion date of September 2025.
“Googong Convenience Centre will provide significant depreciation benefits for an incoming investor, with all signed AFLs subject to annual fixed rental reviews of 3-3.5 per cent, ensuring ongoing rental growth and long-term income security.
“Googong is currently an under-serviced catchment with high barriers to entry and significant retail demand, which is being driven by a strong annual average growth rate of 5.3 per cent per annum.”
Googong Convenience Centre is positioned just inside the main entry off Wellsvale Drive. This location is accessible for residents of the township and is close to the small and scattered rural population outside Googong and for passing traffic on Old Cooma Road.
Directly to the south of the site, strong continual residential growth and expansion paired with the future Googong High School, expected to be operational in 2027, continues to drive the need for convenience retail offerings.
Googong has a current estimated population of 10,500+ residents and has undergone significant residential development within Googong North and Googong East. The population is forecast to exceed 20,500+ residents by 2035 at an average annual rate of 5.3 per cent.
Jason Capuano, Development Director at Stevens Group, said the centre is a combination of some favourite retail brands in one location and they are looking forward to bringing the plans to reality with construction to start shortly.
“Stevens Group have recently completed similar pre-sale and fund through projects to private investors and large real estate institutions and have a strong track record on delivery. We have just sold BP Parkes to Fawkner Property Group on a fund through structure, which enables us to recycle equity into creating more opportunities like Googong.”
Googong Convenience Centre is exclusively listed with the Colliers team of James Wilson, Ben Wilkinson and Matthew Winter and is being marketed via an Expressions of Interest (EOI) campaign, closing 2:00pm (AEST) on Wednesday, 4 September 2024.
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