The Hastings Central Shopping Centre on Mornington Peninsula has been listed for sale, representing the first sub regional shopping centre to be offered to the market in Victoria this year.
Located on the corner of Victoria and Elizabeth streets, the Hastings Central Shopping Centre comprises 9,000sqm GLA - anchored by Kmart and Aldi and featuring a further 13 specialty tenants.
CBRE’s Victorian Retail Investments team, comprising Justin Dowers, Mark Wizel and Kevin Tong – alongside transaction advisors Payton Capital - have been appointed to sell the property via Expressions of Interest. The centre is expected to generate interest in excess of $30 million.
Situated on a 1.8ha land parcel, the centre benefits from three street frontages and four vehicle access points, in addition to boasting a 550-vehicle car park.
Mr Dowers said the sale followed a period of strong activity for the growing Mornington Peninsula market.
"Over the past 24 months, there has been strengthening demand for retail investments in the Mornington Peninsula region, with buyers basically seeing it as an extension of metropolitan Melbourne area and a comparable place to own retail properties given the consistent population growth,” Mr Dowers said.
A flurry of shopping centre transactions in the region highlights the increasing demand for assets within the region.
Mr Dowers went on to say Mornington Peninsula’s strengthening housing market was also helping to support growing demand for retail assets.
"The Mornington Peninsula has experienced consistent house price growth, similar to metropolitan Melbourne, which has further assisted in the spending capacity of the residents and shopping centre performance in the region,” Mr Dowers explained.
"Anchored by two major retailers – ALDI and Kmart – the Hastings Central Shopping Centre represents an outstanding opportunity to secure a footprint in this growing market."
Mr Wizel expects the centre will also attract interest from Chinese capital, underpinned by a shift in investment sentiment from Asian buyers.
“In 2016, there was a notable shift in Chinese investment and we expect this to continue this year, with the buyer profile aiming to diversify away from purely development focused investments towards income producing assets such as retail centres,” Mr Wizel said.
“Given the centre’s position in Mornington Peninsula, we expect the offshore market will be extremely attracted to not only the waterfront and bayside location but also the surrounding tourist destinations, including the Peninsula Hot Springs and many well-known wineries.”
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