Melbournes first metropolitan shopping centre development opportunity for 2019 hits the market
Melbourne's first metropolitan shopping centre development opportunity of 2019 hits the market
| 30 August 2019
Residential developer ID_Land is preparing to launch an Expressions of Interest campaign for the sale of the Truganina Central Shopping Centre development site in Melbourne’s west.
CBRE’s Justin Dowers, Mark Wizel and Kevin Tong have been appointed to steer the campaign, which represents the first Melbourne metropolitan shopping centre site offering for 2019.
The 2.2ha master planned site is earmarked for a full-line Coles supermarket and a range of specialty shops with commercial facilities, providing a total lettable area of 7,390 sqm.
It will cater to significant forecast population growth in the immediate area, with Truganina emerging as one of Victoria’s fastest growing suburbs underpinned by a range of surrounding developments from groups such as Stockland and Villawood.
“Coles has pre-committed to a 15-year lease with 30 years of options, meaning the offering is significantly de-risked,” Mr Dowers said.
“The mixed use and residential development potential of the surrounding land will be highly beneficial for supermarket trade, and the presence of Coles will also enhance the appeal of the residential product to be developed on the balance of the estate.”
Macroplan Dimasi data highlights that Truganina’s population has grown by over 100 per cent since 2011 and is forecast to double between now and 2031.
The area’s demographic profile is also shifting, supported by a 70% rise in median houses prices over the past eight years.
The ID Land offering follows the $51,500,000 sale by Woolworths earlier this year of its town centre site in Mernda.
“There has been growing buyer demand for this style of product, given the strong performance of retail centres with a bias towards non-discretionary spending,” Mr Dowers said.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.