Colliers and Stonebridge are exclusively bringing the high-performing Pakington Strand Shopping Centre in Geelong West to market.
Anchored by a full-line Woolworths supermarket and supported by 13 specialty shops, three kiosks and an ATM, the centre presents a unique opportunity to benefit from a strong-trading existing shopping centre while providing potential for future development.
The significant 20,984m2 mixed-use zone site encompasses an outstanding possibility for a major mixed-use development comprising retail, commercial and residential uses, given its current low site coverage of 25% and strategic location prominently situated in Geelong West, adjacent to the Geelong CBD.
The vendor, the Bai Fu Xin family said, “Pakington Strand represents a once-in-a-lifetime opportunity to make a meaningful contribution to Geelong’s economic future for any developer whose focus is on Victoria’s second major city.”
The development opportunity is supported by the Victorian Government Gazette Amendment VC242, which has been approved to facilitate significant residential development and substantial economic development, as well as the Pakington Street and Gordon Avenue Urban Design Framework, having designated the property as a strategic site.
Stonebridge’s Kevin Tong and Justin Dowers, in conjunction with Colliers’ Tim McIntosh and James Wilson, have been appointed to sell the property.
“With Australia’s net migration at over 400,000 this year, sites like Pakington Strand play a pivotal role in providing the required future development to support the growing population,” said Tong.
McIntosh added, “As the country’s fastest growing regional city, Geelong has witnessed rapid growth over the years with major Government and private investment into the area. The recent announcement of Amber’s $250 million project in Geelong has provided a boost of confidence in the area.
“Pakington Strand Shopping Centre resides on the largest commercially zoned site along Pakington Street and forms an integral part of the suburb being its community centre,” said McIntosh.
“There is a strong opportunity for an incoming purchaser to reap the benefits of an existing and strong-trading shopping centre whilst having the upside to develop a major project,” said Dowers.