ASX-listed property group Abacus has listed The Village Bacchus Marsh, a 16000sq m shopping centre west of Melbourne.
Abacus purchased the shopping centre in 2013, and completed an expansion and refurbishment in 2017.
The shopping centre currently comprises 68 specialty tenants and is anchored by Coles and Aldi, with a WALE by income of 7.5 years.
Coles has a 15-year lease, while Aldi, Nova, and Elms all have ten year terms, with options.
The shopping centre is valued at between $60 to $70 million on a passing yield of about 6.1 per cent.
Related reading: Maroondah Village Shopping Centre Site Hits the Market
CBRE National Retail Investments director Mark Wizel said he was expecting a strong market response from a wide range of buyers who were either looking to sit on the current asset and capitalise on the hard work undertaken by the vendor – to those that may look to develop a “super-convenience” shopping centre by adding a third national brand grocer to the mix.
“Importantly for shopping centres, location is the key and Bacchus Marsh Village also has the advantage of being right in the middle one of Australian’s fastest growing regional housing markets and that’s not going to go unnoticed.”
Related reading: $100m of Regional Shopping Centres Change Hands
Abacus owns and manages a $1.9 billion commercial real estate portfolio and a $400 million retail portfolio across major trading areas of New South Wales, Queensland and Victoria.
This year alone, the company spent $93.5 million on an inner city office building in Melbourne, and another $48.85 million to acquire a modern commercial building in Sydney’s Alexandria.