Colliers facilitates $6.1 million sale of Gateway Town Centre Site to The Gull Group, with leasing now underway for future large format retail precinct.
Colliers is pleased to announce the successful sale of the Gateway Town Centre site in Warrnambool, Victoria, to The Gull Group for $6.1 million. The 55,000sqm Commercial 1-zoned site is earmarked for a major large format retail (LFR) and mixed-use development, strategically located adjacent to the region’s premier shopping destination Gateway Plaza, which was acquired by Newmark Capital in a transaction via Colliers for $63.2 million in 2023, excluding the land.
The transaction, negotiated by Colliers’ Tim McIntosh, marks a significant milestone for both the purchaser and vendor, Newmark Capital, and sets the stage for a transformative project in one of regional Victoria’s fastest-growing cities.
Tim McIntosh, Colliers National Director | Retail Middle Markets, said, “The sale of the land parcel adjacent to Gateway Town Centre reflects the growing appetite for quality retail development in regional Victoria. Warrnambool has emerged as a key location for investors seeking scale, connectivity and long-term growth. We’re seeing increasing demand for well-located sites that can support large-format retail and mixed-use outcomes, and this transaction is a strong endorsement of the region’s potential.”
Following the sale, Colliers has also been appointed to manage the leasing campaign for the future retail spaces within the development. With plans underway to deliver approximately 15,000sqm of LFR and complementary uses, the leasing strategy will focus on attracting a diverse mix of national and local tenants.
Jake Beckwith, Colliers Associate Director, Large Format Retail | Retail Leasing, commented, “This site offers exceptional visibility and connectivity, making it highly attractive to major retailers, service providers and lifestyle operators. We’re already seeing strong interest from retailers looking to expand into high-performing regional centres, and Warrnambool ticks all the boxes with strong population growth, established infrastructure, and a community that supports quality offerings.”
Joint Managing Director of The Gull Group, Alistair Gull, added, “This is a fantastic opportunity for our group, adding a valuable site to our LFR pipeline in Country Victoria. We look forward to developing this large site, as opportunities like this are rare in the LFR mixed-use market, especially in quality destinations like Warrnambool, adjacent to key shopping destinations. The complementary development will bring significant employment and growth to the economy of Warrnambool.”
Warrnambool, with a population of approximately 35,000, is well-positioned to support a development of this scale. The site’s location along Raglan Parade and immediate proximity to Gateway Plaza ensures high traffic exposure and accessibility, reinforcing its potential as a future retail and lifestyle hub.
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