Mildura Central sale: Deakin Ave shopping centre sold by Vicinity Enhanced Retail Fund

A private investor has swooped on Mildura Central, a key regional centre that’s home to Woolworths, Target and JB Hi-Fi.

Mildura Central shopping centre. Picture: Glenn Milne

Mildura’s main indoor shopping centre has sold to new owners for more than $80 million.

A private investor, understood to be commercial real estate investor Chris Lock’s IP Generation, paid $81.1 million for Mildura Central — home to Woolworths, Target, JB Hi-Fi and other national tenants.

The centre was previously part of the Enhanced Retail Fund managed by Vicinity Centres.

Colliers head of retail investment services Lachlan MacGillivray conducted the most recent sale of the 7.35ha site.

A Colliers media release confirmed the sale.

Mildura Central was described as having the largest trade area of all subregional shopping centres in Victoria, attracting customers from three states.

The nearest major enclosed subregional centre was said to be 340km away in South Australia.

“The sale of Mildura Central highlights that there is strong demand for regional assets with strong and dominant characteristics; the Mildura market is very resilient with good economic drivers,” Mr MacGillivray said.

Target were yet to confirm the future of its Mildura Central outlet after announcing a national restructure last year.

While Mildura was not on a list of stores to be closed, the company at the time said no final decision had been made amid discussions with landlords.

New branding had in recent weeks appeared on Mildura Central’s website and social media accounts.

An email address belonging to another management company, RetPro, was on the website’s contact page.

Mildura Central last changed hands in December 2014 for $109.75 million.

The sale price represents a 26 per cent decrease in value in just more than six years.

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