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News release


Rare chance to secure a Coles anchored shopping centre

Strong performing Cairnlea Town Centre offered for sale

Significant investor interest is expected when the modern and strong performing Cairnlea Town Centre hits the market this week.

This Coles anchored neighbourhood shopping centre will be offered for sale by Stephen Bolton and Stuart Taylor of Jones Lang LaSalle in conjunction with Antony Belcher of Melbourne CBD Real Estate via an Expression of Interest campaign closing Wednesday, 2nd April, 2014.

Located on the south western corner of Furlong Road and Cairnlea Drive, approximately 25 kilometres North West of Melbourne’s CBD, Cairnlea Town Centre is easily accessible due to its close proximity to the Western Highway and Western Ring Road.

The town centre has a Gross Lettable Area of 9,800sqm* over three buildings, and comprises a “T shaped” mall along with a freestanding, two storey commercial building and separate child care centre. The mall is anchored by a full-line Coles Supermarket and other national retailers including Priceline Pharmacy and Australia Post, providing an estimated net passing income of $3,393,854* per annum. The centre is serviced by 394 at-grade car spaces.

Cairnlea Town Centre adjoins an educational precinct which includes the Cairnlea Park Primary School, situated directly opposite, along with the Deer Park Secondary College and Victoria University St Albans campus located within close proximity.

Mr Bolton said, “Currently opportunities to purchase strong metropolitan shopping centres in Victoria are extremely rare, and Cairnlea Town Centre provides an excellent investment given its location within a newly developed residential area that is still evolving and growing.”

“Cairnlea also offers a full town centre profile with strong income from the Medical Centre and Child Care centre providing a central destination for the catchment area”.

Mr Taylor said, “Neighbourhood shopping centre investments are in extremely high demand, largely due to their perceived low risk profiles resulting from their limited exposure to the discretionary spend sector of the retail market.”

“Investor groups continue to seek premium assets with strong performing anchors, minimum turnover of specialty tenants and strong growth prospects. Cairnlea Town Centre is the first asset offered publically in 2014 that meets such criteria, and as such we are expecting significant interest in the property.”