Hanksy family selling Burwood One – the site of Australia’s first K-Mart

An enormous shopping centre valued upon listing at about $200 million is under offer on the day the marketing agents closed an expressions of interest campaign.

The Burwood One complex, about 16 kilometres east of the Melbourne CBD, in Burwood East, was offered by members of the Hanksy family which have controlled it since 1993.

The asset (pictured top, left and bottom) sits on a 5.9 hectare block zoned Commercial 1 giving it the scope for high-density residential redevelopment.

It was this site at the south-west corner of Burwood Highway and Blackburn Road which K-Mart chose to open its first Australian store in April, 1969.

In 2010, the now late Jack Hanksy AM and his wife, Paula, both doctors, embarked on a major $50 million refurbishment of the centre – also doubling its lettable trade area to more than 26,600 square metres.

The fully leased asset, which is now managed by their son, Mark, returns annual income of $9.52 million per annum.

CBRE’s Mark Wizel, Justin Dowers and Lewis Tong marketed the holding as “a once in a lifetime opportunity”.

The asset is anchored by the state’s strongest trading K-Mart and Coles combination, they said (both these retailers trade 24 hours a day from Burwood One).

Aldi, First Choice Liquor, Grill’d, Hunky Dory and Recreation Health are amongst more than 50 occupants at the centre. Burwood One, at 172-210 Burwood Highway, also offers 970 car parks.

An aerial shot showing Burwood One in relation to the Melbourne CBD, 16 kilometres away.

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Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au