The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
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

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
View All >
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
Builder Hansen Yuncken has completed construction of ISPT and HESTA's latest addition to the St Vincent's Hospital Melbourne Precinct.
Life Sciences

ISPT, HESTA $140m Fitzroy Life Science Tower Tops Out

Marisa Wikramanayake
Part of the St Vincents’ Hospital Melbourne Precinct, the 10-storey facility will be ISPT’s first direct asset in the se…
LATEST
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
2 Min
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
3 Min
Builder Hansen Yuncken has completed construction of ISPT and HESTA's latest addition to the St Vincent's Hospital Melbourne Precinct.
Life Sciences

ISPT, HESTA $140m Fitzroy Life Science Tower Tops Out

Marisa Wikramanayake
2 Min
Not-for-profit BaptistCare is about to embark on one of its biggest projects to date, a 6.4ha development in Sydney’s north west with a capital investment value exceeding $2 billion.
Placemaking

BaptistCare Plans $2bn Precinct at Macquarie Park

Renee McKeown
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/bellarine-village-shopping-centre-sold-for-365-million