Convenience shopping centres have proven to be a standout within the retail investment space over the course of the pandemic period with several recent neighbourhood centre transactions reflecting record results.
Meadow Heights Shopping Centre, a popular convenience-based shopping centre in Melbourne is due to hit the market shortly; one of only a few neighbourhood centres to be offered in a Melbourne metropolitan location in almost two years.
Located approximately 19km from Melbourne CBD, the former Centro owned asset is strategically positioned at the epicentre of the Meadow Heights local community, within the City of Hume and designed with convenience at front of mind.
The property is anchored by an IGA supermarket and 24 specialty stores offering a mix of essential goods & services with a ‘daily needs’ focus including pharmacy, newsagent, bakery, hair salon and several popular take-away options.
For sale exclusively through Savills Australia National Retail Investments, the centre comprises a total floor area of 5,384 sqm, is situated on an expansive land parcel of approximately 32,000 sqm and offers customers convenient on grade parking for 253 vehicles.
Savills Australia National Director of Retail Investments Steven Lerche says, “We are seeing a direct correlation between consumers wanting to shop locally and efficiently and the sharp increase in investor demand for shopping centres that offer this type of convenience”.
Savills Victorian Director of Retail Investments Rick Silberman explains “there is a glaring theme in the Victorian retail investment market at present, which has seen most neighbourhood centre transactions taking place in regional locations. Given the Melbourne metropolitan location of Meadow Heights, we expect interest will be strong for this reason alone”.
The offering also includes significant value-add, development and centre expansion opportunities with multiple pad sites and an adjacent block of land which is separately titled.
Rick Silberman says “rarely do we see an opportunity of this nature whereby investors can secure a fully leased shopping centre providing recurring income in addition to such a significant value-add proposition with more than 9,000 sq m of undeveloped Commercial 1 Zone land.
Meadow Heights Shopping Centre is being marketed via a Public Expressions of Interest campaign closing Thursday 14th October 2021.