australian property market wrap 28092023
Shopping centres spring out of September with some of the freshest deals. Image: Canva.
  • Two shopping centres across Australia have been listed for sale.
  • Another shopping centre is set to see construction start in mid-2024.
  • GURNER has acquired a South Yarra corner site.

Shopping centres spring into action as September almost wraps up. Two centres across the nation have been listed for sale, with a third to be developed.

SOLD

GURNER acquires South Yarra corner site

Developer, GURNER, has announced the acquisition of a major 4,651 sqm site at 424 – 426 St Kilda Road, Melbourne, with plans to transform the commercial site into 160-180 residences to rival the design and service of Saint Moritz, with a total end value of circa $800 million.

This is the second acquisition in as many months for the developer after its recent purchase of a site at 189 Kent Street, Sydney in July for over $200 million, and is the second seed site in GURNER’s Build-to-Sell fund, which is supported by a global institutional investor.

GURNER_424-426 St Kilda Road, Melbourne
Image: Supplied.

With three frontages, on the corner of St Kilda Road, Toorak Road and Queens Lane, the property offers views over the Royal Botanic Gardens and Domain precinct, the city skyline and Albert Park Lake.

GURNER secured the blue-chip property through an off-market negotiation after the site was taken to market by JLL’s Josh Rutman and Mingxuan Li, and CBRE’s Kiran Pillai and Tom Ryan in late 2022.

The site is currently home to two six-storey commercial office buildings joined by a five-level atrium, which will be demolished at the end of the current leases, to make way for the residential building.

There is a lapsed permit approval on the site, which allowed for an 18-storey building, 51,000 sqm of gross floor area, 339 apartments and 292 car spaces. GURNER intends to submit a new planning scheme.

ANNOUNCED

Woolworths to anchor new Melbourne shopping centre

A new shopping centre at Frasers Property Australia’s The Grove community in Tarneit in Melbourne’s west will see Woolworths as the anchoring supermarket tenant.

The Grove retail centre, comprising two sections divided by Bethany Rd, will be linked by a pedestrian crossing and reserve.

Aerial of The Grove showing Town Centre Site
Image: Supplied.

The retail section will feature a full-sized 4,000 sqm Woolworths supermarket in addition to more than 20 retail outlets across a further 4,000 sqm centre that includes a bakery, greengrocer, nail bar, pizza restaurant, Chemist Warehouse outlet and Anytime Fitness gym.

Facing the retail precinct across Bethany Rd will be a learn-to-swim school with a 25m pool, Hungry Jacks fast food outlet, service station and a car wash.

Construction is set to begin in mid-2024 and is expected to take two years to complete.

FOR SALE

Freestanding Sydney shopping centre comes to market

Greenacre Village Shopping Centre has been listed for sale with JLL’s Nick Willis, Sam Hatcher, David Mahood, and Sebastian Fahey.

Located at 19 Boronia Road in Greenacre and set on a 7,493 sqm land holding, the centre includes a Coles and Liquorland lease being secured on a ‘semi-net’ lease and a weighted average lease expiry (WALE) of six years.

New Perth shopping centre listed

Whiteman Edge Village and an adjoining 1.4723 ha town centre development site have been listed for sale, presenting the first opportunity to purchase a Coles anchored centre in the Perth metro area since 2019, according to JLL.

JLL’s Sean Flynn, Nigel Freshwater, and Sam Hatcher have been appointed to sell the shopping centre and land at 100 Everglades Avenue, Brabham on behalf of Coles Group Property Developments via an expressions of interest campaign.

Whiteman Edge opened in June 2021 and is anchored by a Coles supermarket, with a diverse mix of 10 specialty retailers including a medical centre, pharmacy and a large freestanding Nido childcare centre.

Located in Perth’s rapidly expanding north-east growth corridor, Whiteman Edge Village sits upon an expansive 2.2089 ha site with an additional 1.4723 ha development site adjacent, representing an unprecedented opportunity to secure control of strategic commercial landholdings in an area primed for further growth.

The new Whiteman Edge Train Station, which is currently under construction, will further increase the desirability and focus of the location, making the site more accessible and expanding the reach of the precinct.



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