Regional Shopping Centre Offered for First Time in 50 Years


January 2024
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Regional Shopping Centre Offered for First Time in 50 Years

Gross Waddell ICR exclusively presents for sale Woolworths Centre Colac, a fully leased shopping centre anchored by a longstanding Woolworths supermarket. Woolworths Centre Colac is owned by a private family, with this being the first time in over 50 years that the property has been offered to the market. This thriving shopping centre will be offered for sale via International Expressions of Interest, closing on Thursday the 7th of March 2024. 

Michael Gross, Danny Clark, Alex Ham, and Glenn Ye have been appointed as sole agents to sell the property on behalf of the family. 

The shopping centre occupies an irreplaceable and highly exposed central CBD landholding of 1.18 ha*, currently zoned Commercial 1, and forms part of a strong retail precinct surrounded by Bunnings, Coles, Aldi, Best & Less and many more. The Woolworths anchored shopping centre benefits from an additional 6 well-established specialties and offers a combined NLA of 5,366 sqm*. 

Colac is the largest service centre between Geelong and Warrnambool and offers a diverse range of industries, including tourism, hospitality, agriculture, timber production and health care. With Woolworths Centre Colac sitting in the heart of the CBD, it offers favourable lease fundamentals, with Woolworths offering a highly beneficial triple net lease and accounts for over 84% of the centre. 

Michael Gross commented, “The last few months of 2023 saw a flurry of shopping centre sales and given the performance of the retail sector, we expect to see continued interest in 2024 given the attraction of the robust underlying fundamentals of the sector and especially with this asset”. 

Alex Ham said, “The additional 6 specialty tenancies further enhance the destination of the shopping centre and provide a one-stop shop for all customers. Tenants including Blooms the Chemist, Bakers Delight and EG Ampol bolster the estimated net income up to $1,262,901.” 

Danny Clark adds, “Woolworths has been in occupation for decades and given their desire to further boost the supermarket's performance with a ‘direct-to-boot’, it provides astute investors with an inherent opportunity to add further value to the centre and capitalise on the booming regional growth”. 

“Both local and offshore investors are drawn to supermarkets and shopping centres. Their noncyclical nature means there will always be investor demand for performing supermarket investments and given the growing demand for regional centres, Woolworths Centre Colac will appeal to many” adds Glenn Ye. 

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