This article is from the Australian Property Journal archive
CEDAR Woods is listing its Woolworths-anchored shopping centre in Melbourne’s western suburbs, Williams Landing Shopping Centre, which has been valued over $80 million.
Located at 100 Overton Road, around 19km south-west of the CBD, the convenience-based neighbourhood shopping centre sits on a 5.5-hectare priority development zoned site and is anchored by the full-line supermarket offering plus a childcare centre.
This in addition to 30 specialty retail tenancies and 12 office suites across 10,925sqm of lettable area, with just one vacancy that represents just 0.9% of lettable area.
Justin Dowers and Kevin Tong from Stonebridge Property Group have been appointed to manage the sale of the asset via an expressions of interest campaign.
“Williams Landing Shopping Centre is unique, given it is now within a middle ring western suburb, with a significant development opportunity. Rarely do we see centres 20 km from The Melbourne CBD with over 2ha of Priority Development Zone land adjoining. They just never come up for sale,” said Dowers.
The 2.39-hectares of expansion land provides potential buyers with significant room for future development and expansion outcomes.
“When you’re at the centre, you can see multiple 5-6 level buildings directly opposite. This gives you confidence of what Williams Landing Shopping Centre can be in the future, it’s unlimited,” added Dowers.
Williams Landing Shopping Centre is the retail heart of Cedar Woods’ 50-hectare Williams Landing Town Centre development, a mixed-use superhub designated as a Major Activity Centre, which will have capacity for over 200,000sqm of office and retail space and significant amenity.
“Williams Landing Shopping Centre represents a premium asset located in the heart of a thriving mixed use town centre. Williams Landing is well served by key rail and road links and is located in a region that has consistently been one of the fastest growing in the country,” said Patrick Archer, COO at Cedar Woods.
“Williams Landing is a great success story for Cedar Woods. To date, we have delivered over 2,000 residential land lots, four apartment buildings, four commercial office buildings and the Woolworths anchored neighbourhood shopping centre.”
“On completion, the Williams Landing Town Centre is projected to accommodate over 1,300 dwellings and over 200,000sqm of office and retail space.”
The centre also benefits from its positioning to major transport connections, including the $110 million Williams Landing station less than 500 metres away and the Princes Freeway.
“We witnessed a resurgence of Asian investment into the neighbourhood shopping centre market in the back end of 2022 through increased enquiry levels and bids. With China’s borders now open and the Year of the Rabbit commencing, we are already seeing an influx of Asian investors into Australia seeking opportunities to deploy their capital,” added Tong.
Williams Landing Shopping Centre is expected to draw significant interest from the Asian investment front due to its diversified income profile and expansion land, offering safe fundamentals now and strong uplift in the future.”
Recent shopping centre activity includes IP Generation acquisition of a 50% stake in Western Australia’s Rockingham Centre for $180 million. While last week an AMP Capital managed fund listed another 50% interest in dominant major regional shopping centre, Stockland Townsville.
