This article is from the Australian Property Journal archive
A TRIPLE frontage with 13 fully let tenancies in Bendigo’s core retail precinct has hit the market for the first time in a century.
Located at 2-24 Mitchell Street, 1-3 & 7-9 Bath Lane and 338-348 Hargreaves Street in the regional centre of Bendigo, about 150km out of Melbourne, the asset boasts a combined land allotment of 1,935sqm and a lettable building area of 2,595sqm.
Travis Hurst, Adele Foott, Matt Stagg and Yvonne Zhou from Colliers are managing the sale via an expressions of interest campaign.
The Commercial 1 zoned property is being offered with a WALE of 3.34 years and a net income of $503,264.80 per annum.
Tenants include national brands like Gazman and Sportspower in addition to local occupiers.
“There is an opportunity for future growth in rent return and expansion of revenue streams across all buildings by way of repositioning the asset and pending market rent reviews. The buildings have a wide scope for varied and unique opportunities,” said Hurst, managing director of regional Victoria at Colliers.
The property sits within the centre of Bendigo’s retail & office occupier precinct, which is home to is to national tenants including Myer, Bendigo and Adelaide Bank, Commonwealth Bank of Australia, JB Hi-Fi, Officeworks, Sportsgirl, Sussans, and Noodlebox.
As well as sitting within close proximity of, Bath Lane retail, Alexandra Fountain, Rosalind Park and across from the Hargreaves Mall.
Major arterial roads including High Street (Midland HWY), View Street and Mitchell Street further benefit the property, with the local bus route just 100 metres away and the central Bendigo Train Station nearby.
Bendigo has been recording population growth of 2% per annum and offers an attractive median house price of $589,000.
“The region offers great value to investors that typically are in Melbourne or city fringe. They are now looking at key regional areas of Bendigo, Ballarat and Geelong, which offers a great value and higher yields,” added Matt Stagg, head of investment services, Victoria at Colliers.
In regional retail, a freestanding Woolworth’s investment in Victoria’s largest inland city of Ballarat was listed earlier in the month by the co-owner of United Petroleum.
The expressions of interest campaign for 2-24 Mitchell Street, 1-3 & 7-9 Bath Lane and 338-348 Hargreaves Street, Bendigo is scheduled to close on 14 June 2024.
