Lutwyche City Shopping Centre is a large format four-level enclosed neighbourhood shopping centre in Lutwyche, 5km north of the Brisbane CBD.
http://www.lutwychecity.com.au/
The shopping centre is in the heart of Lutwyche, an established inner city residential suburb of Brisbane, QLD. The centre is the dominant convenience centre servicing local residents and is well located with exposure to major transport corridors and the local public transport hub.
The 18,883m2 centre has 12,103m2 of gross lettable area (GLA) anchored by Coles and ALDI supermarkets, two mini majors and approx. 5,659m2 of specialty GLA. Lutwyche City also has 6,441m2 of office space and an adjacent freestanding 384m2 childcare facility.
The centre is undergoing a major strategic refurbishment to cement the centre as the dominant food and convenience centre in its primary trade area. The development application for the centre was approved in June 2017 with early works commencing in April 2017. The main refurbishment works commenced in October 2017. Abacus acquired the remaining 25% from its investment partner in July 2017 to take 100% ownership of the property.
| Ownership interest | 100% |
| Cap rate | 5.75% |
| Valuation date | June 2018 |
| Acquisition date | October 2015 |
| Site area | 21,946m2 |
| Gross lettable area | 18,648m2 |
| Occupancy | 61% |
| WALE by income | 4.9 years |
| Rent review stucture | CPI and Fixed |
| Major tenants by income | Coles and ALDI |
| Parking spaces | 823 |
| Valuation range | $80-100 million |