A BELLARINE Peninsula growth area is on its way to a supermarket sweep after a third retail complex hit the market.
Grocery giant Woolworths has listed its Bayview Central shopping centre at Curlewis, part of the fast-growing Jetty Road Urban Growth Area adjacent to Drysdale and Clifton Springs.
The 4435sq m complex opened in 2015, with Woolworths the anchor tenant. The centre also holds the region’s only 24-hour chemist.
RELATED: Woolworths seeks a buyer to come on down to Lara
The Block judge gives Geelong property market a big tick
Sports reporter has hot tip for homebuyers
Price hopes are above $16 million.
CBRE retail investments director Justin Dowers said wealthy private investors were expected to vie for complex, which is fully leased with a net annual income of $1.115 million.
Mr Dowers said the centre would be a set-and-forget investment, with the 12 year balance of a 15-year lease to Woolworths the key attraction.
The new centre would also offer ongoing depreciation benefits, he said.
“Even though it’s a small shopping centre, there are seven shops, it’s almost a set and forget investment,” Mr Dowers said.
“What I like about it myself is you’ve got a full mall environment.
“The demographic of the people is younger families — they’re up and about and like to spend time out and about.”
CBRE director, investments, Mark Wizel, is marketing the property with Mr Dowers and Justin Tong.
The Jetty Road Urban Growth Area is expected to accommodate a large portion of the projected 20,000 residential growth on the Bellarine Peninsula, adding more than 8000 people to the local catchment.
Mr Dowers said the high non-discretionary spend tenancy mixes with long-term leases in high population growth regions remained the key driver for shopping centre investment.
“They’re the reasons why Woolworths chose the location,” he said.
“Long-term leases and income security during downturns have always been attractive as a key defensive investment.”
Bayview Central is the fourth centre listed for sale on the peninsula in three years.
Mr Dowers said talks continue with several groups on the Drysdale Village Shopping Centre, where Woolworths is also the main tenant.
Melbourne investors bought Coles standalone Drysdale supermarket for $23.5 million in February.
Last year, Charter Hall paid $117 million for Leopold’s Gateway Plaza.
In 2017, investors paid $5.625 million for St Leonards’ IGA complex.
Ocean Grove Marketplace sold for $29.9 million in 2013.
Retail developer Lascorp is building the $60 million Kingston Village on Grubb Rd, which will become Ocean Grove’s third major shopping centre.
Anchor tenants will include Woolworths, Aldi, Dan Murphy’s, Jetts 24hr Fitness, McDonalds and Caltex. There will also be 25 specialty shops.
Expressions of interest close April 5 at 3pm.