Lansell Square, a sub regional shopping centre in Bendigo, Victoria, has sold for $110.1 million to a private Asian investor sourced by Stonebridge Property Group’s Asia Practice Team. The transaction was executed off market by Stonebridge’s Justin Dowers and Kevin Tong on behalf of Charter Hall.
Situated approximately 146 km north of Melbourne CBD, Lansell Square is a convenience based sub regional centre anchored by Coles, Woolworths and Kmart, complemented by three mini majors, 45 specialty stores, seven kiosks and four pad sites. The Centre resides on a 8.8 hectare landholding.
The acquisition highlights the continued depth of offshore capital targeting high quality Australian retail assets, particularly those underpinned by strong demographic growth and resilient income profiles.
Kevin Tong, Partner at Stonebridge, said the transaction reflects both the scale of capital now being deployed by private Asian investors and their conviction in Australian retail fundamentals.
“This transaction represents one of the largest single retail acquisitions by a private Asian investor in recent years and demonstrates the continued maturation of private Asian capital in the Australian market. Investors are increasingly targeting dominant, convenience based shopping centres with strong trading performance and clear exposure to population growth corridors.
What distinguishes this purchaser is the depth of our long-term engagement. Over an 18-month period, our team worked closely with the family to provide sector education across the Australian commercial property market. Once it became clear that shopping centres aligned with their investment mandate, we curated a specialist advisory team to support their due diligence and execution process. The strength of the relationship, combined with experienced intermediaries, was instrumental in delivering a seamless transaction.
The sale follows closely on from our recent transaction of Burwood One, where we acted for a private Asian family office, bringing our total transaction volume across shopping centres involving private Asian capital to more than $300 million within a three month period. This level of activity demonstrates sustained confidence in Australia’s retail sector as an income resilient investment environment.”
Justin Dowers, National Partner at Stonebridge, added that Victoria’s macroeconomic settings continue to position it as the leading state for retail investment.
“Victoria was the most active state for sub regional centre transactions in 2025, with $836 million in transactions accounting for just over half of the national volume. Both domestic and offshore investors are leaning into the state’s fundamentals, supported by the strongest population growth in the country.
That demographic momentum is translating directly into retail turnover growth, stronger occupancy rates and sustained tenant demand. For investors, this reinforces confidence in long term income durability and rental growth prospects, particularly across well located sub regional centres servicing expanding catchments.”
The sale of Lansell Square further evidences the strength of the Victorian retail market, with capital continuing to concentrate on scaled, defensive assets aligned with high growth population corridors and non discretionary spending profiles.
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