Colliers and Stonebridge Property Group have been appointed to sell one of Australia’s best Town Centre investment opportunities with value-add potential, on behalf of Lendlease’s Australian Prime Property Fund Retail (APPF Retail).
The offering comprises: CS Square (25,308m2), a dominant, triple-supermarket and Discount Department Store (DDS) anchored centre, which is home to a Woolworths, Coles, and ALDI, and a soon to be converted brand new Kmart DDS; together with CS Commercial, (1,603m2) a complementary mixed-use precinct opposite CS Square, fully leased to five retail and office tenants over two levels.
The offering also includes 1.28-hectares of strategically held vacant land in two separate lots, adjacent to CS Square, which presents a wide range of value-add opportunities.
The properties are located in the Caroline Springs Town Centre, a significant residential growth area situated 20 km north-west of the Melbourne CBD, recognised as one of Australia’s best master-planned communities.
In 2019, CS Square celebrated the grand opening of its $45 million stage three extension.
Anne MacSporran, APPF Retail fund manager said “CS Square has been a solid performer for our fund since its initial development and subsequent expansion to include a brand-new Woolworths supermarket in 2019. We believe that this is the right time to capitalise on strong levels of demand for high quality convenience-based centres like CS Square.”
Lachlan MacGillivray, Head of Retail Investment Services at Colliers said “CS Square will attract strong interest from investors due to the defensive nature of the Centre, generated by three strong performing supermarkets and a soon to be converted brand-new Kmart DDS, underpinned by a high quality mix of food and service-based retailers.”
“Supermarket anchored centres have proven to be relatively insulated from the disruptions of COVID-19 with strong levels of rent collection, stable foot-traffic figures and sales growth.”
Carl Molony, Partner at Stonebridge Property Group said “This premium offering represents an extremely rare opportunity to acquire an institutionally developed and owned town centre asset within a high growth area of metropolitan Melbourne. Owing to the quality of the asset and underlying fundamentals, strong interest is anticipated from both domestic and offshore institutional and private capital.
CS Square, CS Commercial and the adjoining vacant lots are being sold by an ‘Expressions of Interest’ campaign, closing 2pm (AEDT) on 18 March, 2021.