Cranbourne Park Shopping Centre_Property for Sale

125 High Street, Cranbourne, VIC, 3977, AU

Cranbourne Park Shopping Centre

Asset description

JLL & Stonebridge are pleased to present for sale at 50% interest in Cranbourne Park Shopping Centre, a major Sub-Regional Shopping Centre in the heart of Melbourne’s southeast growth corridor. Sitting atop a commanding 7.5ha* land holding, the Centre stands as Melbourne’s largest Sub-Regional Centre in the outer southeast precinct**.

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Attributes

Building area gross

46,279 sm

Occupancy

97%

Land area gross

75,140 sm

NOI

€12,766,000

Sales process

For sale by formal tender

Media

Investment highlights

- A premier and strong performing Sub-Regional Shopping Centre (46,300sqm*) anchored by Coles, Kmart, Target and Harris Scarfe, with 91% weighting to national retailers^

- Highly robust and defensive income stream, underpinned by 96 specialty retailers with a sustainable occupancy cost of 13.5%^

- Institutionally managed by Vicinity Centres for 24 years, $113 million expansion, introducing the fi rst Target into the trade area & an additional 12,500sqm of retail space

- Unparalleled 7.5ha land holding in southeastern growth corridor, benefitting from a 2.5% p.a. population growth rate in the primary trade area (47% above the Greater Melbourne average)^^

- Total Centre moving annual turnover (MAT) at $323 million (incl. GST), major tenants contributing over 40% to total centre MAT^

A 50% interest is available for purchase via expressions of interest, closing Wednesday 9 October at 4:00pm (AEDT).

* Approximately

** PCA Benchmarks, 2023

^ Financial Pack dated as at 30-Nov 2024, MAT as at 30-Jul 2024

^^LocationIQ, 2024