Stonebridge Property Group is pleased to present for sale Pakington Strand Shopping Centre, Geelong’s best income producing & landbanking opportunity.
A prime 100% leased neighbourhood shopping centre anchored by Woolworths, Pakington Strand Shopping Centre is located in the affluent inner-metropolitan Geelong demographic just 2 km* from the CBD and 76 km* south-west of the Melbourne CBD.
The Centre comprises of 13 specialty shops, 3 kiosks and 1 ATM accounting for 5,317 sqm* of GLA with access to 307 car spaces (5.77/100sqm of GLA). With a 28-year lease and options until 2079, the Centre’s ultra-dominant Woolworths supermarket is currently trading above benchmarks and paying turnover rent.
The significant 20,984 sqm* landholding boasts 412 m* of frontage across 3 streets, is Mixed Use Zoned (MUZ) and has been government endorsed for the entire Pakington Street precinct to undergo significant redevelopment. The centre benefits from its low site coverage and generous car park allocation. The allowable height on certain parts of the site reaches 6 storeys allowing for a multitude of development possibilities.
Investment highlights include:
- Significant 20,984 sqm* landholding with 412 m* of frontage across 3 streets
- The largest commercially zoned site along Pakington Street
- Unparalleled opportunity for a mixed-use development comprising retail, commercial and residential
- Government support being designated a strategic site under the Urban Design Framework
- Low current site coverage of 25% with provision for 60% site coverage
- Strong performing Woolworths-anchored neighbourhood shopping centre paying significant percentage rent
- 28-year lease to Woolworths with options until 2079
- Ultra-dominant supermarket trading significantly above benchmarks
- 100% leased centre with 74% weighting (GLA) to Woolworths
- Affluent inner-metropolitan Geelong demographic just 2 km* from the CBD and 76 km* south-west of the Melbourne CBD
To obtain further information or to arrange an inspection, please contact the exclusive selling agents.
In conjunction with Colliers