Googong: $1.8b master-planned community's new convenience centre seeks investors

The award-winning township, built in stages, has been one of the fastest-selling developments in the country since 2012. It is already home to 10,500 residents, and according to agency Colliers, the population is set to grow to 20,500 by 2035.

Googong Convenience Centre is on 11,800 square metres and has already tenanted McDonalds, KFC, 7-Eleven, childcare centre Aspire Early Learning, and The Reject Shop.

It is located in the town centre of Googong Central, the site’s major shopping and entertainment precinct. According to listing agents Colliers, the site is expected to bring in $185 million per annum to the retail industry and generate hundreds of local jobs.

Googong Central is one of five neighbourhoods within the township, most of which are slated to have a local shopping centre.

Some 18,000 people are expected to finally settle into the township, which includes 6,500 homes overlooking the Molonglo Ranges near the Googong Dam on Old Cooma Road. The town has schools, parks, a lake and shops that replicate those of an ordinary town.

The convenience centre, situated inside Googong’s main entry off Wellsvale Drive, is being constructed by retail developers Stevens Group. Completion is earmarked for September 2025.

Its location attracts those in the rural areas outside of Googong, near Queanbeyan, and passing traffic on Old Cooma Road, as well as those within the township. The under-serviced catchment relies heavily on cars, with the average number of vehicles per dwelling at 2:1. There are no service centres within five kilometres and limited takeaway and fast-food options, the listing states.

With lifestyle becoming an increasingly important feature of any residential development, the commercial real estate around it is now even more critical for its success.

Googong Town Centre is also expected to open in late 2025 and will host two major supermarkets, restaurants, retail, a pub, hotel, community centre, fire station and library.

James Wilson, head of Colliers’ retail middle markets, said high-profile national retailers with an average collective lease length of 14 years had flocked to sign up for the convenience centre.

“Upon completion the centre will feature a WALE of 14 years (by income) with trade supported by the relatively affluent main trade area, located 16 km from Parliament House in Canberra’s rapidly evolving south east growth corridor,” he said.

Meanwhile, Ben Wilkinson, manager of retail middle markets at Colliers, said an investor could enjoy multiple benefits such as rental growth and long-term security.

“With an expected completion in 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 to 3.5 per cent, ensuring ongoing rental growth and long-term income security,” he said.

“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.”

Jason Capuano, vendor and development director at Stevens Group, said he was looking forward to bringing the plans to life.

“Googong Convenience Centre is a combination of some of our favourite retail brands in one location and we are looking forward to bringing the plans to reality with construction to start shortly,” he said.

He said Stevens Group has recently completed similar pre-sale and fund-through projects for private investors and large real estate institutions.

“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,” he added.

The community will eventually consist of five neighbourhoods: Googong Central, Googong North, Googong East, Googong South, and Googong West.

According to Colliers, Googong is an affluent suburb with an average weekly household income of $3363, almost 60 per cent above the NSW average.

It comes amid a marked shortage of new developments. Certain retail properties are experiencing a revival in fortunes, and transaction volumes are rising as both the population and business confidence grow, it was reported.

The Googong development is noted for its emphasis on sustainability, modern amenities and family-friendly grounds – 23 per cent of the township is dedicated to open space, with kilometres of bike paths, walking and bush trails, sports fields, and parks, among its outdoor features.

Googong North, the first neighbourhood created, took out excellence gongs for Masterplanned Communities and Regional Developments at the 2019 Urban Design Institute of Australia NSW awards.

Googong was also awarded Australia’s first 5-Star Green Star – for communities – in 2016 by the Green Building Council of Australia. The rating has been extended to 2026.

One sustainability feature is a $133m Integrated Water Cycle system, which offers recycled water to homes and public spaces, reducing potable water consumption by 60 per cent.

Malcolm Leslie, Googong’s project director, said the project involved more than a decade of environmental, ecological and heritage studies.

“That sense of belonging and community pride is a hallmark of the project and has become a valuable asset. Being ‘Googonian’ is a big attractor for residents and buyers.” 

“The Googonian life is a happy life,” the town’s website reads. 

“A life where your family grows, your neighbours are neighbourly and your children are practically free range. A life like the one you enjoyed growing up, but with all the bells and whistles that go with modern living.”