Tuesday, June 18, 2024

Vicinity Centres Victoria Park Central Shopping centre for sale by Stonebridge and Cygnet West 

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Cygnet West and Stonebridge have been appointed on behalf of Vicinity Centres to exclusively offer for sale Victoria Park Central. The Centre occupies a highly prominent, land rich 1.31-hectare landholding just 3 km* from the Perth CBD and along Albany Highway, one of Perth’s premier retail strips.

Anchored by a full-line Woolworths supermarket, Victoria Park Central contains the only supermarket in the primary catchment and supplies a highly underserviced main trade area (43% below the Greater Perth average).1

The Centre provides outstanding value add and development opportunities with potential outgoings optimisations, centre remixing and vertical redevelopment offering exceptional views of the Swan River and Perth CBD.

Victoria Park is an affluent city fringe suburb and is set to benefit from strong population growth and strong retail expenditure growth of 1.3% p.a. and 3.8% p.a. to 2041 respectively.

1 Albany Highway is well advanced in its Precinct Structure Plan which is planned to transform the area through significant densification and heights of up to 22 storeys (STPA).2 Victoria Park Central will be a major beneficiary of this future growth, being identified within this Precinct Structure Plan.

Stonebridge National Partner, Justin Dowers commented “Neighbourhood centres often occupy the most strategic and well zoned landholdings in their respective suburb and Victoria Park Central is no exception of this.

The 1.31-hectare landholding, proximity to CBD and proposed future heights of up to 22 storeys offer the ultimate future redevelopment opportunity. All of this is coupled with a strong and secure existing income stream anchored by a full-line Woolworths, the only supermarket in the primary catchment.”

Cygnet West Director, Tim Scott commented “A retail offering of this scale and proximity to the Perth CBD has not been seen in 8 years. Victoria Park Central is the closest shopping centre in Perth’s inner eastern suburbs and services a highly undersupplied and large main trade area of over 110,000 people. There are a multitude of opportunities to build upon the Centre’s existing income including tenant remixing and outgoings optimisations which an astute purchaser can undertake.”

 

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