Retail

Sunshine Marketplace

80 Harvester Road, Sunshine, VIC, 3020, AU

Sunshine Marketplace_Property for Sale

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Sunshine Marketplace 2_Property for Sale

Asset description

Sunshine Marketplace - A gateway metropolitan Melbourne landholding

  • Dominant convenience-based 34,153 sqm* sub-regional shopping centre, anchored by strong performing Woolworths and Big W, just 12km from the Melbourne CBD
  • Underpinned by an irreplaceable 12.2ha* prime freehold site, only 600 meters to Sunshine train station
  • Robust tenant mix with 80%* of income underpinned by key national brands including JB Hi-Fi, McDonalds, KFC, Australia Post and Commonwealth Bank
  • The largest single landholding in the heart of Sunshine, identified as one of three ‘superhubs’ by the Victorian state government

Attributes

Building area gross
367,620 sf
Occupancy
96.00%
Year built
1997
Land area Gross
302,160.46 acres (13,162,109,659 sf)

Investment highlights

  • Convenience retail fundamentals with 70% of total Centre GLA underpinned by major & mini-major tenancies1 and 45% of total Centre MAT weighted toward grocery and food retail tenants1.
  • Low & sustainable average specialty gross rent of $936/sqm1, 18% below the Urbis Average of $1,136/sqm2.
  • Strong demographic tailwinds with Western Melbourne forecast to grow at 2.5% pa until 2036, adding an additional 482,643 to the region3.
  • Outstanding development potential led by an ultra-low site coverage of 28%, driving the investment underwrite and providing ultimate flexibility for future development.
  • Masterplan in place for an additional 190,578 sqm of developable mixed-use floor space across 17 buildings on 11 ancillary blocks surrounding the Centre3.
  • DA Approved Stage 1 for entertainment & leisure precinct and 84-key serviced apartment building, with an additional DA lodged for a 10-level 13,000 sqm lettable area office building.


This unique opportunity to acquire a 50% passive interest in Sunshine Marketplace and partner with one of Australia’s leading retail asset managers and mixed-use developers, Vicinity, is being offered through an International Expressions of Interest (EOI) campaign closing on Wednesday 28th September 2022 at 2:00pm Australian Eastern Standard Time (AEST).

 

To obtain further information or to arrange an inspection, please contact the exclusive selling agents.

 

Footnotes

*Approximate

1 Forecast as at 1 December 2022 as derived from the supporting campaign financial pack.

2 Urbis Benchmark – Single Discount Department Store Benchmark 2021, Excluding Marketing.

3 Sunshine Marketplace Due Diligence package prepared by Macroplan, dated 16 June 2022.

Sunshine Marketplace 4_Property for Sale
Sunshine Marketplace 4_Property for Sale

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Last updated
Nov 30, 2022