Another Victorian supermarket-based shopping centre has
sold, this time in Curlewis, about 17 kilometres east of Geelong.
Bayview Central at 90 Centennial Boulevard was expected to trade for more than $16 million when it was listed in March.
The retail asset, offered by Woolworths, returns annual rent of $1.15 million.
A Woolworths supermarket is the anchor tenant – it has 12
years left to run on a 15 year lease.
The 4435 square metre complex is also rented to seven specialty
stores including the region’s only 24-hour chemist. It also contains parking
for 185 cars.
Built four years ago, Bayview Central still offers
CBRE agents promoted the asset’s location, within the
Jetty Road Urban Growth Area, which is expected to see population growth of 20,000
in the longer term.
They said Bayview Central is the only supermarket within a growing main trade area which is expected to reach 10,800 residents by 2031 – and that the asset has “no foreseeable competition threats”.
The Curlewis deal continues a string of investment-grade supermarket-based neighbourhood shopping centre sales.
The Bellarine Village Shopping Centre also sold. In Geelong’s inner-east, this investment traded to a Melbourne-buyer for $36.5 million.
At the start of last year Coles sold the Torquay Village Shopping Centre to a Melbourne investor for $35 million.
Last year, Charter Hall Retail REIT paid Vicinity Centres $117 million for the Leopold Gateway Shopping Centre, one suburb closer to Geelong than Curlewis.
Last month we reported the Coles North Village shopping centre in Melbourne’s Coburg North had found a buyer. It was being offloaded three years after the vendor bought it for $38 million.
In Epping, the Coles Aurora Village traded for $44 million five months ago.
Four months ago Woolworths sold the future Mernda Town Centre in Melbourne’s north-east to developer Land Capital for $50 million.