A private investor has purchased one of Victoria’s most dominant retail centres, Mildura Central for $81.1 million.
Lachlan MacGillivray of Colliers sold the 100% interest in the sub-regional shopping centre on behalf of Vicinity Enhanced Retail Fund (VERF), a wholesale fund managed by Vicinity Centres (VCX).
“The sale of Mildura Central highlights that there is strong demand for regional assets with strong and dominant characteristics; the Mildura market is very resilient with good economic drivers,” said MacGillivray.
The centre, which is anchored by a Target discount department store and strong performing Woolworths is complemented by a selection of high-quality national tenants not replicated elsewhere in the region.
Mildura Central is the number one shopping centre in the Mildura Region, spanning a 7.35 hectare site in a key retail precinct just 3.5 km south-west of the Mildura CBD.
The centre’s highly destinational tenancy mix services the largest trade area of all sub-regionals in Victoria. This extends up to 100km and incorporates parts of Victoria, New South Wales and South Australia. The nearest major enclosed sub-regional shopping centre is in South Australia, 340km from Mildura Central.