ID_Land lists Truganina Central Shopping Centre site
EXCLUSIVE
Another mixed-use development opportunity within the heart of a burgeoning new Melbourne pocket is for sale with residential builder ID_Land offering the 2.2 hectare site master-planned to make way for the Truganina Central Shopping Centre.
The retail and commercial asset (artist’s impression, top) will contain 7390 square metres of lettable area.
CBRE marketing agents Justin Dowers, Mark Wizel and Kevin Tong said their listing is Melbourne’s first major metropolitan shopping centre site offering for 2019.
“Coles has pre-committed to a 15-year lease with 30 years of options, meaning the offering is significantly de-risked,” Mr Dowers said.
“The mixed use and residential development potential of the surrounding land will be highly beneficial for supermarket trade, and the presence of Coles will also enhance the appeal of the residential product to be developed on the balance of the estate.”
The shopping centre’s end value is estimated to be about $50 million.
About 22 kilometres west of the CBD, Truganina is one of Victoria’s fastest growing new residential suburbs.
Stockland and Villawood are amongst the property giants constructing housing estates there.
The suburb is also a major industrial employment hub. Just this week we reported Time and Place Commercial had acquired a 16.9 hectare commercial building block at 151 Leakes Road, in the suburb, which will be subdivided and sold down to occupiers, investors and developers.
CBRE points to research by MacroPlan Dimasi showing population growth in Truganina has doubled since 2011 and is forecast to rise another 100 per cent by 2031.
The area’s demographic profile is also shifting, supported by a 70% rise in median houses prices over the past eight years, the research said.
In January, it was reported that Woolworths sold Land Capital a 26.4 hectare site permit-approved to become the Mernda Town Centre – which contains commercial and residential components.
Mernda is about 29 kilometres north east of the Melbourne CBD.
