Stonebridge Property Group’s listing of Mornington Village Shopping Centre will test the market as the first core Victorian Neighbourhood Shopping Centre offering of 2021. The asset will offer a product that has long been an investor favourite based on recession proof and non-discretionary tenancy profiles, especially in booming areas like Mornington.
Located on the main street in Mornington, the shopping centre is anchored by a Woolworths and Aldi Supermarket over 7,963sqm GLA. The centre has a non-discretionary based tenancy mix including The Reject Shop, Pharmasave, Medical Centre and 14 complementary retailers. Situated on the highly prominent corner of Cromwell Street and Main Street, the centre is conveniently positioned with access to over 455 at grade car spaces and 55 under cover car spaces.
According to Stonebridge partner Justin Dowers, who is marketing the property with Kevin Tong and Phil Gartland, the decision by the vendors to bring the asset to the market reflects a sound understanding of the positive investment conditions for recession proof retail assets anchored by blue chip supermarket tenants.
“The amount of interest in the freestanding supermarket and neighbourhood shopping centre sector has grown extensively over the past 12 months, with a number of household institutional groups and funds joining the many established private investors with an appetite to gain exposure to assets with characteristics similar to that of Mornington Village.” Added Mr. Dowers.
“Daily needs tenants like Woolworths and Aldi add another level of tenancy and rental income security which is particularly attractive in uncertain times. The recent sale of the Woolworths in Torquay for 3.65% // $25,100,000 reflected the genuine yield compression that has occurred in this part of the market over the past 18 months.” Justin added.
Located in the popular Mornington Peninsula region of Victoria, which is widely regarded for its many famous wineries, Mornington has sustained strong population growth underpinned by Melbourne residents seeking the “sea change” lifestyle. The area has also benefitted from a ground swell of holiday home buyers in addition to the regular flow of tourists that visit the region.
“When you couple the increasing trend of working from home and the attractive seaside location of Mornington, we are witnessing substantial spike in foot traffic and retail spend in the area. If workers can spend 2 out of 5 days working from home, why not do it with a view of the beach in Mornington?” added Kevin Tong.
Mr. Tong added that the unique aspect about Mornington Village is that it is spread across a 1.1 hectare site with flexibly zoning which will provide for future development potential.
“With the increasing resident demand and low – medium density developments in the area, the corner site for Mornington Village is prime for future development in the medium to long term (STCA), especially given the massive at grade car parking provided by the council. Added Mr. Tong
For further information please contact:
Justin Dowers | 0438 098 805 | jdowers@stonebridge.com.au
Kevin Tong | 0422 848 818 | ktong@stonebridge.com.au
