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Yarra Junction Shopping Centre listed as resi market surges

Property Markets / Transactions

Australia / Melbourne

Oct 23 2018

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The Yarra Junction Shopping Centre has been listed by its private family owner as a recent population surge in the outer eastern town drives strong residential property price growth.   

The Woolworths anchored neighbourhood centre is located on the Warburton Highway - Yarra Junction’s main street - on an 8230 square metre, Commercial 1 zoned site with dual access and a wide street frontage.

The 3501 square metre centre’s 11 specialty stores include an optometrist, bakery, chemist, and Bendigo Bank, which, together with the Woolworths store, returning circa $1.3 million per annum net.

CBRE State Director Justin Dowers with National Director of Retail  Investments, Mark Wizel, said neighbourhood shopping centres had transacted on an average of $8 million in 2018, so the opportunity to acquire a full functional centre, anchored by Woolworths and with a mall for circa $20 million is unique in itself.

``The centre has had a strong trading history for over 25 years, and has continued to benefit from a consistent growth in population in addition to tourism within the Yarra Valley Region

``Due to increasing demand for retail services in the Yarra Valley region including Yarra Junction Shopping Centre, there is a clear opportunity to add value to this centre. There is a clear undersupply of quality retail services in the location and this centre is very well placed to benefit from any capital investment.

``Baby boomers and younger families are taking advantage of the relatively affordable residential property market in the Yarra Junction area in addition to the improved lifestyle conditions, which is driving growth in property prices and of course the local population,’’ Mr Dowers said.

Mr Wizel said he expected a high level of interest in the centre given the significant recent rise in the number of neighborhood centre sales. According to CBRE research neighbourhood centre sales were up 28 per cent to $2.28 billion in the 12 months to the end of June compared with the $1.78 billion in sales over the previous 12 months.

He said shopping centre sales had risen 86 per cent overall in the last financial year, from $3.663 billion to $6.817 billion, signaling a strong trend back to retail.

``We expect a lot of interest in an asset that is well positioned for growth on the back of both an influx of new residents, and the market trend towards retail property investment which offers a defensive investment and strong underlying land value,’’ Mr Wizel said.   

The property will be sold by Expressions of Interest closing November 29.



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