Industry News

Woolworths to sell brand new centre in Melbourne metro growth corridor

The new Woolworths supermarket is a rare investment opportunity in Roxburgh Park

Stonebridge Property Group has been appointed to sell a brand new Woolworths supermarket in the Melbourne Metropolitan growth suburb of Roxburgh Park, 25km north of the CBD and 15km from the Melbourne Airport.

Woolworths Greenvale Lakes is secured by a brand new ten-year lease to a full-line Woolworths and BWS and is complemented by a Terry White Chemmart and a café/bakery. The property will be sold via an expressions of interest campaign closing Thursday 29th April.

The 3,384m2 shopping centre was completed in 2020 by Woolworths Group and is supported by a highly convenient at-grade car park that provides 185 car parking spaces with shade sails on an expansive 1.427-hectare site.

Stonebridge Partner Justin Dowers said investor interest is expected to be extremely strong, as opportunities to acquire full-line supermarket investments in metropolitan Victoria continue to be in short supply.

“There were no full-line supermarket transactions in metro Melbourne in 2020 – a year where supermarket investments were at the forefront of buyer mandates,” said Dowers.

“New institutional, private and Asian capital mandates have emerged in the past six months, adding to the demand/supply imbalance in 2021. We are very excited to see how the market responds to this top tier asset.

“For supermarket investors, this asset is as good as it gets,” said Stonebridge Director Kevin Tong.

“Woolworths has purpose-built the centre to a premium standard, ensuring strong depreciation benefits and an ultra-convenient layout that is designed to meet the needs of the rapidly growing region. The centre features a convenient pick up hub to meet changing customer needs, electronic vehicle charging, and has applied for a 5-Star Greenstar Rating to acknowledge a number of the great sustainable initiatives Woolworths is implementing in its new shopping centres.

“Woolworths Greenvale Lakes is poised for strong growth being situated in the fast-growing North Corridor of metropolitan Melbourne. The centre draws upon a large Main Trade Area of 40,580 people in an area with significant under-provision of supermarkets”, added Tong.

The Greenvale Lakes sale campaign follows the Stonebridge campaign for Woolworths Torquay, which sold for $25,100,000 representing a 3.65% yield.

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