A brand new, Victorian Coles-anchored shopping centre at the heart of the $1 billion future Armstrong Creek Town Centre is set to spark keen interest from investors in one of the first major campaigns of 2020. The project was developed by Melbourne based developer the Welsh Group.
Armstrong Creek Shopping Centre is a neighbourhood centre situated at 500-540 Surf Coast Highway within one of Australia’s fastest growing Growth Areas, 7km south-west of the Geelong CBD.
Colliers International’s Tim McIntosh and Mike Crittenden are exclusively appointed by Welsh Group to market Armstrong Creek Shopping Centre via an Expressions of Interest campaign closing Thursday April 2.
The highly convenient, non-discretionary offering will comprise 9,755m2 of retail on a landmark 2.07ha site. The full-line Coles supermarket of 3,978m2 will be further complimented by a mini-major, speciality shops and 441 at-grade parking spaces.
“The brand-new centre, offering significant depreciation benefits, is strategically located within the future Armstrong Creek Town Centre, being the epicentre of Armstrong Creek, in one of Victoria’s largest Urban Growth Areas already home to 61,300 people in 2019 forecast to grow to 116,000 by 2036,” McIntosh said.
“On completion, Armstrong Creek Shopping Centre will be at the heart of a new and vibrant 40ha master planned community. Upon completion, Armstrong Creek Town Centre will provide 75,000m2 of retail, 50,000m2 of non-retail including commercial, childcare and medical facilities and over 1,200 residential dwellings”, he said.
McIntosh said “Retail assets with attractive cash flow and covenants secured by non-discretionary and nationally recognised tenants coupled with strong current and future demographic characteristics continue to obtain extremely high interest from all purchaser types.”
Welsh Group Managing Director Andrew Welsh said: “Visitors and residents would enjoy the convenience of working, shopping, dining and even watching a movie all within easy walking distance.”
Armstrong Creek Shopping Centre will offer an estimated fully leased net income of approximately $3.7 million and will be home to the only full line Coles supermarket in the primary trade area on a brand new 15-year lease.
“The centre occupies a prominent location on the Surf Coast Highway, representing the gateway to the internationally renowned Great Ocean Road with approximately 24,000 cars passing daily,” Crittenden said.
The Centre adjoins the future Armstrong Creek Train Station, recently announced by the State Government as part of $160 million commitment to expand the trainline to accommodate the booming population growth. The future train line will provide direct access to Geelong and the Melbourne CBD.
“With consideration to the significant ongoing population growth, substantial State Government commitment to invest $160million in the public infrastructure and the strategic position on the Surf Coast Hwy, the Armstrong Creek Shopping Centre will be an exceptional performing convenience neighbourhood centre both in the immediate and long-term,” McIntosh said.