BWP Trust has sold Chadstone Homemaker Centre to Centuria for $86.025 million, reflecting renewed investor confidence in Victorian retail assets and the continuation of countercyclical capital deployment into Melbourne.
The transaction was exclusively managed by Stonebridge Property Group’s Justin Dowers, Philip Gartland and Kevin Tong, following a competitive, on-market Expressions of Interest campaign. The sale follows BWP Trust’s recent acquisition of HomeCentre Morayfield in Queensland for $48 million, which was also managed by Stonebridge.
Chadstone Homemaker Centre comprises a large format retail centre anchored by Bunnings Warehouse, supported by a range of national LFR tenants. The centre is located in Chadstone, approximately 13 kilometres south-east of the Melbourne CBD, within close proximity to Chadstone Shopping Centre.
The acquisition highlights a broader reallocation of capital back into Victoria, with investors increasingly seeking exposure ahead of an anticipated recovery cycle. Relative value, strong population growth and significant infrastructure investment continue to support the state’s medium-term outlook, prompting investors to move earlier in the cycle.
Justin Dowers, National Partner at Stonebridge Property Group, commented:
“Although Victoria ranked as the third most active state for retail investment activity in 2025, we are now seeing increasing depth of enquiry for Melbourne-based retail assets, with competition returning as pricing expectations realign. We expect transaction activity in Victoria to increase materially this year, and the sale of Chadstone Homemaker Centre is a clear example of capital moving back into the state.”
Philip Gartland, National Partner at Stonebridge Property Group, added:
“The on-market campaign generated strong interest from a broad range of buyer types, including private capital, syndicators and institutional investors, including, interestingly, offshore groups. Clear signs of countercyclical momentum are emerging, with groups that were previously observing now actively deploying capital into Victoria.”
The sale represents the largest large format retail transaction in Victoria since 2021, and reinforces growing investor willingness to transact at scale in Melbourne, with further activity anticipated across retail sub-sectors as confidence continues to rebuild through 2026.
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