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News release


Major sub-regional shopping centre in Bendigo comes to market for sale​​

Sales of sub-regional shopping centres nationally have been strong this year to date – already close to $1 billion and will surpass 2012 full-year transactions of $983.2 m.

MELBOURNE, 28 OCTOBER 2013 – With sales of sub-regional shopping centres currently 55% above the 10-year long-term average, another major sub-regional asset in Bendigo in Victoria has come onto the market for sale.

Bendigo Marketplace Victoria is being offered through an exclusive Expressions of Interest (EOI) campaign by Simon Rooney of Jones Lang LaSalle.  

The strong performing and dominant Centre, at Mitchell & Garsed Streets is the largest enclosed and only sub-regional centre is central Bendigo.  It is anchored by major tenants Big W and Woolworths.  It also features two mini-majors – Dick Smith and Best & Less, as well as 83 speciality stores, 14 kiosks, 10 ATMs and three pad sites.

Australian Head of Retail Investments at Jones Lang LaSalle, Mr Rooney said, “This dominant and strong trading shopping centre is located adjacent to the Bendigo Railway Station and is expected to benefit from increased patronage at the train station once improved rail linkages between Bendigo and Melbourne are completed in early 2016.

“The location of Bendigo Marketplace, combined with the growing pool of investors targeting the sub-regional asset class, makes it an attractive asset, particularly as it also has development potential with six adjoining assets included within this offer.

“We’re seeing a shift in investor sentiment towards the sub-regional sector. The assets that are drawing the most attention are those with a record of strong trading performance, sustainable income levels that allow for future growth and have either value-add or development potential. Centres that meet these criteria are being competitively pursued by institutional investors.

“We have completed a range of sub-regional centre transactions in the past few months with highly successful outcomes. At this stage, investors are still very focussed on quality, but assets at the secondary end of the quality scale are also now starting to stabilise which could result in more opportunistic buying,” said Mr Rooney.

Expressions of Interest for Bendigo Marketplace close at 12noon (AEDT) on Thursday 21 November, 2013.