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.
