The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
22 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 500 ALREADY ATTENDING
22 DAYS UNTIL OUR FLAGSHIP CONFERENCE 500+ ALREADY ATTENDING
SECURE YOUR SPOTDETAILS
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
print
Print
RetailStaff WriterTue 22 Sep 15

Investors Fly Into Airport West To Get Hands On Officeworks Asset

1

A Melbourne-based private investor has landed a major Airport West retail centre anchored by Officeworks in a deal worth more than $8 million.

Colliers International’s Tom Noonan and Peter Bremner have negotiated the sale of a retail centre at 3-7 Dromana Avenue in Airport West for $8,405,000 on behalf of a private investor. The sale represents a yield of 6.86 per cent.

Mr Noonan said the property attracted in excess of 120 enquiries, predominantly local private investors.

“On offer were three retail tenancies located in an established retail precinct, on a significant combined freehold site area of 3,938sqm with excellent at-grade parking,” he said. “The campaign attracted strong bidding and interest despite the short lease expiries in place.”

The 2,019sqm centre is fully leased to a strong performing Officeworks, which accounts for 70 per cent of the income, and two long standing retail tenants in BNNtech and Matchworks. It is located within the Airport West Principal Activity Centre, which has recently been rezoned to Commercial 1.

Situated on the corner of Dromana Avenue and Louis Street, opposite Westfield Airport West, the centre offers more than 175m of prime retail frontage.

The Airport West sale is the first of a spate of Officeworks to be offered across the country, including properties in Vermont South, Mackay and Woolloongabba.

RetailAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
View All >
Dexus Sydney CBD Supertall EDM
Planning

City Backs Height Boost for Sydney Supertall Towers

Vanessa Croll
FK's rendering of Woolworths and Pace's plans for the ex-ABC studio site at 10-16 Selwyn Street in Elsternwick, Melbourne.
Residential

Mayor Rounds on State After Elsternwick Approval

Marisa Wikramanayake
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

Housing Australia Adds 18,000 Homes as Contracts Confirmed

Marisa Wikramanayake
The program of social and affordable homes across the nation is moving ahead with $14 billion in funding in place…
LATEST
Dexus Sydney CBD Supertall EDM
Planning

City Backs Height Boost for Sydney Supertall Towers

Vanessa Croll
3 Min
FK's rendering of Woolworths and Pace's plans for the ex-ABC studio site at 10-16 Selwyn Street in Elsternwick, Melbourne.
Residential

Mayor Rounds on State After Elsternwick Approval

Marisa Wikramanayake
3 Min
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

Housing Australia Adds 18,000 Homes as Contracts Confirmed

Marisa Wikramanayake
2 Min
Residential

Thirdi Lifts Covers on 500-Home Precinct at Gladesville

Lindsay Saunders
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/investors-fly-airport-west-get-hands-officeworks-asset