Skip Ribbon Commands
Skip to main content

News release

Melbourne

Melbourne’s Thriving Brand Smart Premium Outlet Shopping Centre comes to market

Strictly limited acquisition opportunities in the Australian outlet centre market, with only 18 centres throughout Australia


Melbourne's strong performing and landmark Brand Smart Premium Outlet Centre in Nunawading is being offered for sale via an on-market Expressions of Interest (EOI) campaign through Simon Rooney of JLL and Mark Wizel of CBRE Victorian Retail Investments.

JLL's Head of Retail Investments Australasia Simon Rooney said, "The market for large, high quality and well located retail assets remains very strong. Investor interest is wide ranging, from domestic and offshore sources and from institutional and high net worth investors.

"There has been relatively limited investment activity in the outlet sector until recently when Lend Lease and the Future Fund sold Harbour Town Perth for $205 million to Far East Organization in October 2013. ING Real Estate sold Harbour Town Docklands, Victoria to Ashe Morgan for $150 million in March 2014, Plenary Group also sold a 25% share in DFO South Wharf & Homemaker Hub, Melbourne to their joint venture partner, CFX, for $87.6 million in May 2014 and Abacus Property Group sold Birkenhead Point Shopping Centre, Sydney to Mirvac for $310 million in October 2014," said Mr Rooney.

Brand Smart Premium Outlet Shopping Centre boasts an exceptional tenancy offer and income security, featuring a high quality array of leading national and international brands, including Sass & Bide, Oroton, Priceline, Kathmandu, Lorna Jane, Subway and a number of premium outlet retailers.

Outlet centres are a relatively new style of retail in Australia that has matured in the past 10 years, to now comprise 18 Outlet Centres nationally (including hybrids) with total GLA of around 290,000 square metres.

Mr Wizel said, "Melbourne's Golden Mile plays a pivotal role to the structure of retail offering in the well-established and highly lucrative Eastern Suburbs of the city.

Following an extensive refurbishment and repositioning program which was completed in 2013, Brand Smart Premium Outlet Centre offers numerous value enhancement opportunities going forward through further expansion and development of the asset, subject to council approval.  

Brand Smart is a leading example of the retail outlet asset class. It is a strategic retail offering that has significant appeal to consumers due to the discount nature of the retailing. Due to the value nature of this sector, the assets perform well through recoveries but tend to outperform through downturns making them a highly resilient investment proposition.

Brand Smart is a well-established retail outlet centre comprising approximately 9,317sqm of GLA, including 63 tenancies and 2 ATMs with onsite parking for approximately 455 cars.

The EOI campaign for Brand Smart Premium Outlet Centre closes at 12 noon AEST on Friday 5th June 2015.