RETAIL CENTRE IN GROWTH CORRIDOR

A prominent shopping centre in Victoria’s north-western growth corridor is set to hit the market, with an expected price tag of around $23 million. The brand new centre was constructed in 2009 and has a net income of around $1.7 million, anchored by a full line discount department store Target. The centre offers the attractive feature of long lease terms in place, with a large percentage of the area and rent made up by anchor tenant Target, who have a 15 year lease. 80% of the gross lettable area is made up by Target and several other mini major retailers, which delivers excellent security for investors, combined with a strong tenancy profile of specialty retail. Vinci Carbone Directors, Frank Vinci & Joseph Carbone, said the fact that the centre is brand new offers significant depreciation benefits for potential buyers. “The location of the centre is one of the state’s biggest growth corridors is also a major advantage,” Frank Vinci said. He added that ‘Victoria’s north western corridor is considered a major growth area, with retail spending predicted to increase by 66 per cent to around $1.614 billion by 2021, according to Pitney Bowes Business insight.” Target Central is being offered for sale via Public Tender closing Thursday 10 June, 2010 at 4pm.