Leading funds management firm, Stirling Property Funds ('Stirling'), is pleased to announce the acquisition of Belconnen Convenience Retail Centre ('Centre') in the ACT for $24.2 Million – expanding its portfolio of high-performing shopping centres across Australia.
Situated just 8km from the Canberra CBD, within the established Belconnen Town Centre, the property has a Total Gross Lettable Area of 3,687 sqm. The property is 'home' to major national tenants Chemist Warehouse, Petbarn and Barbeques Galore, together with established businesses comprising Elements 4 Life, Toyworld, Andersen's Flooring and the Belconnen Way Medical Centre, with parking for 79 cars.
Stirling's Head of Property, Scott Girard, said the Belconnen Convenience Retail Centre was Stirling's fourth investment in its strategy of building out a portfolio of quality convenience and Large Format Retail assets in high growth areas where there are significant barrriers to entry.
"We are delighted by our acquisition of the well-performing Belconnen Convenience Retail Centre," Mr. Girard said today.
"Our acquisition of this thriving shopping precinct was well-supported by our clients who continue to be attracted to the defensive qualities of the convenience-based retail sector and the opportunity to create value through active asset management.
"The trade area is growing 37% faster than Sydney with per capita income 18% higher than Sydney, which provides strong growth prospects for highly-accessible, well-serviced areas like Belconnen in the ACT."
Mr. Girard said that the Centre would also benefit from a 'generational' $6.1 Billion infrastructure investment program (including the new Northside Hospital and the University of Canberra Masterplan) being delivered in Belconnen, all within 2km of the property.
"This is Stirling's fourth convenience retail investment and follows on from our acquisition of McGraths Hill Home in Sydney in November 2024. It demonstrates our ongoing investment in convenience and Large Format Retail assets in high growth areas, where low vacancy rates have created sustained tenant demand and offer high-risk adjusted returns through active asset management," Mr. Girard explained.
