Shepparton Home transaction highlights investor demand for high-performing assets in growth corridors
In a major vote of confidence for Victoria’s regional retail market, Shepperton Home has been sold to Blackfox Property Group for $27.55 million.
The sale represents a yield of 6.7 per cent and marks one of the most significant large format retail deals in regional Victoria in recent years.
The highly competitive expressions of interest campaign attracted strong national attention, generating eight formal offers.
Located at 290 Benalla Road, Shepperton Home is the dominant large format retail centre in the region. It comprises 13,661sqm of gross lettable area on a three-hectare site and is fully leased to 10 leading national retailers, including Fantastic Furniture and Nick Scali.
JLL’s Stuart Taylor and Tom Noonan exclusively managed the sale on behalf of the vendor, Acure Asset Management.
Mr Taylor described the campaign as one of the most fiercely contested regional large format retail sales in years.
“The centre benefits from its position in Shepparton’ s largest residential growth corridor, enhancing its long-term appeal,” he said.
“We saw a particularly deep pool of syndicator capital and private investors chasing resilient, income-generating assets.
“This result reflects the continued appetite for defensive, high-quality regional retail investments, with syndicator groups emerging as the most competitive bidders and accounting for half of all offers.”
Angelo Del Borrello, Managing Director of Acure Asset Management, said the sale price represented an excellent result for investors.
“The completion of the transaction builds upon our track record of identifying value opportunities and executing on those strategies.”
The sale marks a successful exit for the vendor while aligning with Blackfox Property Group’s strategy to expand its footprint in strong-performing regional markets.
Blackfox Property Group Managing Director, Greg Edelmuth said the acquisition was a strategic addition to the group’s growing portfolio.
“We are pleased to secure this high-performing centre as part of our strategy to grow our exposure to well-located, resilient retail assets in growth regions,” he said. “Investor support for the acquisition was very strong, and we are actively seeking further high-quality opportunities.”
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