The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSING THIS WEEK RECOGNISING THE PEOPLE BEHIND THE PROJECTS
NOMINATIONS CLOSING THIS WEEK URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
OtherMon 28 May 18

Geelong Retail Centre Sells for $36m in Active Market

061a4768-14de-4ed0-ad95-25339912de7d

Bellarine Village Shopping Centre has been purchased for $36.5 million by a private Melbourne-based investor, adding to a wave of regional shopping centres that have been snapped up this year.

The 10,443 sq m centre, located in Newcomb, is anchored by two long-standing leaseholders, Woolworths and Dan Murphys, as well as 16 other speciality retailers who drive an estimated $2.3 million per year.

CBRE's national director investments Mark Wizel said the demand for well-positioned shopping centres with development or rental potential had reignited around Victoria.

“Retail has historically been regarded as the safe, defensive, investment with significant GLA leased to non-discretionary spend tenants, and that is absolutely the case, but the potential to add a mixed-use development in the centre of town down the track adds another very attractive string to their bow.”

Wizel marketed the retail asset alongside CBRE's Justin Dowers and Joseph Du Rieu.

Related reading: Blackstone Flips Top Ryde Retail Centre for $700m

Bellarine Village Shopping Centre


Related reading: Northcote Shopping Centre Sells with Yield of Less than 4%

Bellarine Village is the second centre to sell this year in the Geelong region after Coles’ sale of Torquay Village shopping centre to Toorak-based investor David Feldman for $35 million.

CBRE's Justin Dowers said that Geelong is forecast to grow 32 per cent by 2036, adding that the Bellarine peninsula is expected to experience an even stronger rate of growth of 36 per cent by 2036.

“That is extraordinary growth and growth which will deliver the sort of catchment which underpins the most successful neighbourhood centres. And that is exactly what investors are looking for.”

Almost 130 individual enquiries were made in relation to the sale of Bellarine Village Shopping Centre, highlighting an active top end of the market with a large portion of transactions targeting neighbourhood centres.

“The fact that we are now seeing shopping centre investments within Geelong and the Bellarine Peninsula trade at similar returns and pricing levels to metropolitan Melbourne adds to the attraction,’’ said Dowers.

Recent regional shopping centre transactions in Victoria over the past six months include The Village Bacchus Marsh for $61.65 million, Maroondah Village for $18.8 million and the $43 million sale of Stockland's Highlands centre last month.

OtherRetailChildcareAustraliaMelbourneSector
ADVERTISEMENT
TOP STORIES
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Exclusive

Inside the Strategy Behind Australia’s Largest Direct Real Estate Deal

Phil Bartsch
5 Min
Exclusive

Green Premium, Brown Discount: New ESG Regulations Drive Value

Patrick Lau
8 Min
Exclusive

Arup Targets Podium Finish for Brisbane CBD Headquarters

Taryn Paris
6 Min
Exclusive

No Cookie Cutters: Finding Feasibility in HAFF Projects

Patrick Lau
6 Min
View All >
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
Goodman Oakdale hero
Industrial

Goodman $130m Horsley Park Logistics Scheme Goes Public

Clare Burnett
Bentley masterplan hero
Placemaking

Thousand-Home Plan Approved for Perth Quarry Site

Clare Burnett
The masterplan also takes in land once the site of an ‘infamous’ social housing precinct south-east of Perth’s CBD...
LATEST
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Goodman Oakdale hero
Industrial

Goodman $130m Horsley Park Logistics Scheme Goes Public

Clare Burnett
3 Min
Bentley masterplan hero
Placemaking

Thousand-Home Plan Approved for Perth Quarry Site

Clare Burnett
3 Min
Construction

Generational Housing Crisis Demands Generational Response

Partner Content
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/bellarine-village-shopping-centre-sold-for-365-million