The Mernda Town Centre, which comprises a Woolworths-anchored neighbourhood shopping centre and two surrounding development parcels is being offered for sale, separately or in one line.
Adjoining the Mernda Train Station, the Mernda Town Centre is a master planned retail and mixed-use major town centre strategically located in the core of the northern growth corridor of metropolitan Melbourne.
The property is for sale via an international expressions of interest campaign by Stonebridge Property Group’s Julian White, Justin Dowers, Kevin Tong and Chao Zhang, acting under instructions from transaction advisor, Charter Keck Cramer.
Stonebridge National Partner, Justin Dowers said: “Mernda Town Centre has been ten years in the making and the first stage of the development has proven to be a huge success. There is now a significant opportunity to deliver further retail and residential precincts in an established yet growing catchment area whilst benefitting from a strong performing neighbourhood centre.”
Since acquiring the property, the current owners have invested significant capital expenditure by way of road and civil infrastructure to create the three super lots, removing all future Development Contributions and Public Open Space requirements, as well as de-risking delivery of the balance of the site substantially.
A summary of the three parcels is below:
Woolworths anchored shopping centre and pad sites
- A 9,784m2 shopping centre with 470 at-grade car parks
- Generating a net annual fully leased income of approximately $3.65 million
- Additional pad sites of 6,561m2 for future development
Mixed Use development parcel
- 120,190m2 mixed-use development land holding
- Highly suitable to core retail, large format retail, commercial and residential development outcomes (STCA)
Retail development parcel
- 24,960m2 land holding
- Very well suited to retail and health-related development (STCA)
The recently completed Woolworths anchored neighbourhood shopping centre has been delivered to a high standard and has demonstrated first-year trade well beyond its age. Two hectares of the town centre have also been sold to the State Government for the Whittlesea Community Hospital, which is currently being constructed by Lendlease.