665 Hall Rd Cranbourne West: Colliers and Stonebridge work together to sell this popular shopping spot
A newly constructed neighbourhood shopping centre in Melbourne’s south eastern suburbs has hit the market — for a cool $45m.
South East
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A major shopping centre — complete with a Woolworths, a BWS and a 24-hour gym — is on the market in one of Melbourne’s major growth corridors.
Cranbourne West Shopping Centre and a neighbouring surrounding area of land has been listed by Colliers and Stonebridge Real Estate, with the entire precinct fully tenanted.
The site was developed and completed in 2020 and includes 1.12ha of undeveloped land that has commercial 1 zone provisions, and comes with a $45m price tag.
The area of undeveloped land adds an extra element of value for potential investors, with an opportunity for a variety of optioned businesses to join the other tenants, Colliers’ Tim McIntosh said.
“The land is ready for immediate development, and there have already been formal expressions of interest from national retailers for the use of it,” he said.
“The registered interest we’ve seen so far has been from childcare, fast food and fuel business.”
Such interest is unsurprising, as the site has dual frontage to both Hall Rd and Evans Rd, two well-travelled roads used by 17,000 vehicles everyday.
The Woolworths store has an accompanying BWS and multiple specialty neighbours as well as a stand-alone medical centre, and has become a central point for Cranbourne West residents.
Stonebridge agent Justin Dowers said: “We are expecting strong interest from a breadth of buyer profiles,”
“This will include local, private, developers, institutional and syndicate portfolios.”
Interest in the site can be made through expressions of interest applications here.
Expressions of interest close March 15 at 2pm
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