Woolworths anchored Coburg Hill Shopping Centre to be sold
Woolworths-anchored Coburg Hill Shopping Centre to be sold
| 26 February 2020
Coburg Hill Shopping Centre in Melbourne’s northern suburbs is set to be one of the first Victorian neighbourhood shopping centres offered for sale in 2020.
The inner city centre is anchored by a Woolworths supermarket - the only full line supermarket within its catchment - and is complemented by seven specialty shops. It provides an estimated fully leased net income of $1,395,000 per annum.
The CBRE Victorian Retail Investments team of Justin Dowers, Mark Wizel and Kevin Tong has been exclusively appointed to sell the asset via an Expressions of Interest campaign.
The most recent shopping centre to sell in the precinct was Coburg North Village, which transacted at a record yield of 4.7%.
The 4,420sqm Coburg Hill centre is situated only 10km from the Melbourne CBD. It offers a Weighted Average Lease Expiry of (WALE) of 11 years, including the Woolworths lease, which has close to 14 years remaining on the initial 20-year term.
“The Woolworths lease will be a key attraction given that newer shopping centres generally offer 10 to 12-year leases to the major supermarket anchor,” Mr Dowers said.
“The development has been structured around the daily needs of consumers in the catchment, with the specialty shops leased to tenants focused on non-discretionary spending.”
Mr Dowers added; “Confidence in the non-discretionary retail market is as strong as ever, with Woolworths recently named Australia’s most valuable brand by in a new report by consultancy firm Brand Finance.”
Coburg Hill Shopping Centre will be offered by Public Expressions of Interest closing April 2, 2020.
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