Terrace Central shopping centre to hit the market Port POPUP - DAupdate Port Stephens by News Of The Area - Modern Media - February 20, 2025 Terrace Central. PANTHERA Group is preparing to sell Terrace Central, with an expressions of interest campaign now open. CBRE’s James Douglas and James Sherley, and Savills’ Steven Lerche, have been appointed to manage the sale of the Raymond Terrace shopping centre. Advertise with News of The Area today. It’s worth it for your business. Message us. Phone us – (02) 4981 8882. Email us – media@newsofthearea.com.au The 6,978sqm centre occupies a 17,453sqm freehold site, providing “abundant car parking, high exposure, and favourable accessibility”, according to CBRE. “The on-market campaign presents a rare opportunity to acquire a 100 percent interest in a strong performing neighbourhood shopping centre, anchored by a highly productive and recently upgraded Woolworths supermarket,” Mr Douglas said. “The 4,052sqm supermarket is trading 23 percent above the Urbis benchmark on a rate per square metre basis, which is testament to its outstanding convenience, service and food offering.” Mr Lerche is anticipating “strong local and interstate investor interest given the centre’s strategic location and range of inclusions”. Woolworths and BWS completed an internal refurbishment in 2022 and have committed to new 10-year leases to 2032, with options until 2062, securing 51 percent of the centre’s gross income. Other tenants include The Reject Shop, Australia Post, a medical centre, pharmacy, and other ‘essential needs’ retailers, with non-discretionary retail representing over 87 percent of the gross passing rent. Mr Douglas noted that Woolworths had recorded impressive year-on-year turnover growth and is forecast to contribute percentage rent in the current lease year. This was supported by robust annual food expenditure of $2.0 billion in the main trade area, accounting for 57 percent of all retail spending. Expressions of Interest close Wednesday, 12 March 2025.