The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
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 WriterWed 04 Feb 15

Shopping Centre Squeeze Heats Up Melbourne Retail Market  

R

The first significant retail opportunity of the year has arrived in Victoria with the Coburns Central Shopping Centre up for sale.

The shopping centre has been estimated to be worth $25 million.

Coburns Central can be found right at the heart of Melton. The centre consists of 6,878 square metres of land – an advantage when compared to the adjoining Woodgrove Shopping Centre owned by QIC. Woodgrove has just recently undergone a massive expansion project in an effort to increase the appeal of the centre.

Woodgrove Shopping Centre’s redevelopment more than doubled the original size and introduced major retailers like Big W and Woolworths, a 550 seat food court and 80 new specialty retailers when it was completed in 2013. It was handled by ProBuild and QIC.

As well as local and investors there has been an increasing demand for Australian retail from the Asian market. The lure of acquiring income producing assets as opposed to being primarily focused on inner city development sites is an emerging theme from Asian investors.

CBRE Victorian Retail Investments Directors Mark Wizel and Justin Dowers are expecting this year to be big for the retail market.

“In 2014 we saw yields for the Victorian neighbourhood shopping centres sharpen substantially, with the sector attracting national buyer interest as a result of improved sentiment towards retail performance,” Mr. Dowers said.

“The consistency of the Victorian economy, along with the substantial population growth – which is improving retail conditions in the state – has been a key attraction for investors, particularly those from New South Wales and Western Australia.

“Coburns central is set to benefit from major population growth within Melton, especially given that it is the most convenient retail asset within the catchment area. The asset continues to perform exceptionally well following the expansion of Woodgrove Shopping Centre next door. It is a great example that customers still value convenience when is come to supermarket shopping,” he said.

Expressions of interest are now being accepted.

RetailAustraliaSector
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
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
View All >
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
Sponsored

Regional Home Designs That Maximise Comfort and Space

Partner Content
Modern homes are no longer static—they’re shaped for how we live, work and grow today. Metricon explains…
LATEST
The City of Melbourne has opted to keep Greenline in the 2025-26 Budget.
Policy

Melbourne Budget Puts Paid to Greenline Future Fears

Marisa Wikramanayake
4 Min
Deicorp Five Dock Mixed-Use Precinct
Residential

Deicorp’s $1.8bn Inner-West Sydney Precinct Greenlit

Vanessa Croll
3 Min
Development

Regional Home Designs That Maximise Comfort and Space

Partner Content
3 Min
Old Canberra Brickworks Yarralumla
Development

Doma Ready to Begin 380-Home ACT Brickworks Scheme

Leon Della Bosca
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/shopping-centre-wars-heat-melbourne-retail-market