Victoria’s strong performing retail investment market continues to gain momentum, with the upcoming sale of Bendigo’s premier retail homemaker destination, the Rocklea Homemaker Centre.
Located at 239-249 High Street, the Rocklea Homemaker Centre is an18,351sqm complex anchored by a number of leading retailers, including Baby Bunting, Fantastic Furniture, Lincraft, BCF, Pillow Talk and Adairs.
The property’s owner, ASX listed Phileo Australia Limited (ASX: PHI), has decided to sell the asset based on its strong leasing performance, combined with the undersupply of quality assets of this nature currently being seen in the Victorian retail investment market.
Prominently positioned on the Calder Highway, the centre is regarded as one of Bendigo’s premium shopping hubs, benefitting from exposure to more than 27,000 cars daily and servicing a vast catchment of approximately 130,000 people.
CBRE’s Mark Wizel, Rorey James and Chris Parry have been appointed to sell the asset, which provides a fully leased net income of $2.68 million, via a Public Expression of Interest campaign.
Mr Wizel said the centre would attract strong investor interest from a range of offshore and local buyers looking to take advantage of the stronger occupier market the sector provides.
“Off the back of significant investment in the region, including the Woolworths’ Kennington development for $20 million and Charter Hall’s Lansell Square investment and redevelopment for $60 million, Rocklea Homemaker Centre provides investors an exciting opportunity to capitalise on the forecasted growth and investment in the area,” Mr Wizel said.
“Rarely does the opportunity to acquire a 20,000sqm building occupied by key leading national retailers present itself to the market, particularly in such an exciting and rapidly developing region.”
CBRE Large Format Retail Director, Chris Parry, said the asset represented an outstanding opportunity to gain a foothold in Victoria’s strengthening retail investment market.
“The Rocklea Homemaker Centre will continue to be a strong performing asset, which will attract dominant household brands and strong rental growth. This is largely underpinned by its status as the only dedicated homemaker centre in the catchment,” Mr Parry said.
“Bendigo as a region has a strong underlying and diverse economy when compared with its counterparts across Victoria, which further boosts the appeal of the centre as an investment opportunity.”
Mr Parry added: “Located immediately adjacent to Bunnings, the Lansell Plaza Shopping Centre and Kangaroo Flat Marketplace, Rocklea Homemaker Centre benefits from strong patronage as a result of its convenient location.
“When coupled with the access from the highway and convenient on grade car parking, Rocklea Homemaker Centre plays a key role in the larger retail precinct of Kangaroo Flat and Bendigo.”