Prime Warrnambool shopping complex attracting big brand interest
Big brands are already circling a prime regional Victorian CBD shopping complex. The property formerly known as Glasshouse Plaza in Warrnambool, presents a range of options and opportunities for investors.
The prominent 3241sqm building at 149-165 Koroit Street is at the heart of the city’s retail precinct, and it currently counts The Reject Shop, Westpac and Cash Converters among its longstanding tenants.
The sales campaign is managed by Mark Dwyer and James Wright from Ludeman Real Estate in Warrnambool, along with Jamie Perlinger and Beau Coulter from Burgess Rawson.
Burgess Rawson agent Beau Coulter said there had already been interest from potential investors and occupiers, due in large part to the site’s significant upside.
“It’s a high-yielding opportunity from an investment perspective, and national retailers have already reached out,” Mr Coulter said.
“Subject to council approval, the site could be refurbished or redeveloped. It leads to a variety of uses potentially down the track,” he said.
The property comprises eight retail shops – four of which are currently tenanted – along with an office, with a potential fully-let income of $528,000 per annum plus GST.
“It’s very rare that you’re able to secure a property with three ASX-listed tenants, a further longstanding tenant of more than 16 years, and a high yield. It’s certainly a real opportunity,” Mr Coulter said.
The site enjoys 60 metres of street frontage to Koroit Street and has prized Commercial 1 zoning, along with a major pedestrian crossing at the front and 280 council car parks at the rear.
Mr Coulter said Warrnambool presented as one of regional Victoria’s most robust commercial property markets.
“Warrnambool itself has a trade catchment of 100,000 people who come into town to do their shopping,” he said.
“In a strong regional city there’s always a place for good retail assets and this will continue well into the future.”
The shopping hub is being sold through expressions of interest, which close at 4pm AEST on Thursday, August 13.