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Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A


Building Area

Property Description

Corio Central for sale, a dominant, thriving and busy 31,503 sqm community shopping destination with an exceptional fresh food, service and everyday necessity-based convenience offer, featuring a strong double supermarket offering of Woolworths and Coles, a Kmart DDS, featuring 6 mini-majors, 82 specialties & kiosks, 16 offices and 1 pad site.

Investment Highlights

·        Strategic 8.7 ha site, 8 km North of the Geelong CBD, at the intersection of Purnell Road and Bacchus Marsh Road, providing exceptional local and regional connectivity and vehicular exposure

·        Geelong is a burgeoning regional hub, 76 km south-west of Melbourne, the second largest city in Victoria with a resident population approaching 200,000 and a bustling business and tourism market set to benefit from over $450 million in investment over the next ten years* 

·        Densely populated, expansive and fast-growing main trade area, estimated to comprise 57,920 residents, growing at 0.9% p.a. to reach 63,110 persons by 2028, with potential for significantly higher population growth in the longer term underpinned by substantial greenfield development and urbanization of the Western Geelong Growth Area and the Northern Geelong Growth Area located 2 km north*

·        Attractive main trade retail expenditure of $711 million, expected to reach $929 million by 2028, with food expenditure accounting for 60% of total retail expenditure*

·        Securely anchored by Coles, Woolworths and Kmart, on long-term leases until at least 2025 

·        Exceptional and diverse tenant mix with major, chain and national retailers representing 87% of GLA and 79% of gross rent 

·        Offering future strategic re-positioning and remixing opportunities, with secure cash flow and historically high occupancy 

·        Fully leased net income of $9.4 million as at 30 June 2019

All figures are approximate only

*Urbis, March 2019

Simon Rooney
Head of Retail Investments - Australia

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