Woolworths Supermarket Hits the Market on Victoria’s Bellarine Peninsula

Freestanding supermarket with net lease structure set to attract strong investor interest 

A freestanding Woolworths supermarket in one of Victoria’s most popular coastal towns has been listed for sale, in what is expected to be one of the most closely watched retail campaigns of the year. 

Located at 6-8 Brown Street, Portarlington, the property occupies a 1914sqm Commercial 1 Zoned site approximately 240 metres from the town’s waterfront and is wholly leased to Woolworths Limited. The 15-year lease runs until November 2028, with two further 10-year options, providing a secure income of $483,998 per annum plus GST.  

Notably, the asset benefits from a net lease structure where Woolworths pays all outgoings, including land tax, along with fixed rental growth and future turnover rent upside. 

The supermarket is being offered for sale by Expressions of Interest through JLL’s Stuart Taylor, Tom Noonan and Romanor Falconer. 

Mr Taylor said supermarket-leased investments continued to attract strong demand from investors, particularly those underpinned by “older style” lease structures. 

“Supermarket-leased investments remain one of the most sought-after commercial property asset classes nationally, particularly those with net leases,” he said. 

“These assets provide investors with exceptional income security, while protecting against the downside risk of rising expenses and taxes. 

“Woolworths Portarlington also provides fixed rental growth, a benefit not often seen in supermarket leases that will be extremely attractive in the Melbourne market.” 

Mr Noonan said freestanding supermarkets of this calibre and price point were in limited supply, with Woolworths Portarlington marking a significant moment in the market. 

“Woolworths Portarlington is only the second opportunity to acquire a regional Victorian supermarket in the past 12 months, following the sale of Coles Phillip Island, which transacted for $23.75 million at a benchmark yield of 4.66 per cent,” he said. 

Mr Noonan highlighted that Portarlington’s transformation into a thriving commuter and lifestyle destination added to the strength of the opportunity. 

“Portarlington is a popular commuter-coastal town with an established year-round population that swells significantly over summer. In 2024, visitation grew by a remarkable 36 per cent, supported by multiple major residential developments and the Port Phillip Ferry service, which provides direct connectivity to Melbourne’s CBD 365 days a year,” he said. 

“The combination of strong population growth and rising tourism visitation will only continue to strengthen the supermarket’s long-term trading performance.” 

Situated within the City of Greater Geelong, which is Australia’s second-fastest growing municipality, Portarlington sits within Victoria’s Bellarine Peninsula, a region famed for its wineries and coastal lifestyle. The Greater Geelong population is forecast to surge by 64 per cent to more than 441,000 residents by 2046, with Portarlington benefiting from significant residential and infrastructure investment including the  
$19.6 million upgrade to Portarlington Pier. 

“Woolworths Portarlington is uniquely positioned to benefit from the region’s exceptional growth trajectory and the fundamentals that make supermarkets one of the most defensive and highly regarded asset classes in the country,” Mr Noonan said. 

Expressions of Interest for Woolworths Portarlington close Thursday 2 October 2025 at 3.00pm (AEST).