![\"\"](\"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/2\/2024\/02\/Colliers_PakingtonSt_14094.jpg?_t=1708478015\")
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The centre is prominently positioned on the popular Pakington Street retail strip, boasting a long- WALE (weighted average lease expiry) of 12.4 years by area and returning a fully leased net income of approximately $1.7 million at the time of sale.<\/p>\n
APH Holding held the property for almost eight years, releasing it to the market with full tenancy, including anchor tenant Woolworths and household names such as Subway and Brumby’s.<\/p>\n
Colliers director Tim McIntosh said the benchmark result and depth of interest in Pakington Strand from private and offshore investors, listed and unlisted groups as well as developers reinforced the resilient buyer demand for well credentialed Victorian neighbourhood shopping centres.<\/p>\n
“The centre was unconditionally sold to a high net worth private investor on a yield below 5.50 per cent shortly after a two-round process at the end of the campaign.”<\/p>\n
The high-profile campaign, representing only the fifth neighbourhood shopping to be brought to market in Victoria last year, generated in excess of 300 inquiries across both agencies with a dozen offers received at the close of the campaign.<\/p>\n
Stonebridge partner Kevin Tong said his agency continued to field strong depth of buyer interest from local and offshore investors, as 2023 was another year of limited neighbourhood shopping centre opportunities offered publicly on the market.<\/p>\n
“Although the purchaser was based in Victoria, we witnessed strong competition from offshore investors with multiple groups forming our underbidders.”<\/p>\n
Both Colliers and Stonebridge anticipate an increase in supply for the year ahead which will assist in alleviating the depth of investor demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Geelong is well and truly in the spotlight as commercial investors seek to get in on the action of Victoria’s largest regional city. Colliers have been very active in this market with many high-profile sites being transacted in recent years, and most recently, another Woolworths anchored neighbourhood shopping centre in a prominent location. In conjunction […]<\/p>\n