Large format retail centre Epping Home & Life has been listed for sale, managed by JLL on behalf of fund manager Forza Capital.
Located 17km north of Melbourne’s CBD, the 26,550sqm asset occupies a 7.4ha freehold landholding at 560–650 High Street, Epping, directly opposite the Pacific Epping shopping centre.
The property features 28 tenancies anchored by major national brands including Officeworks, TK Maxx, Rebel Sport, Planet Fitness, Harvey Norman, Supercheap Auto, Petbarn, and Chemist Warehouse.
The centre is expected to generate a fully leased net operating income of approximately $7.4 million per year, underpinned by a 7.6-year weighted average lease expiry and annual rent increases of 3 to 4 per cent. No single tenant accounts for more than 10 per cent of the gross income.
Since acquiring the property in late 2023, Forza Capital has added more than 7100sqm of new tenancy space, with new premises for Supercheap Auto and Rebel Sport scheduled to open in early next year.
The site is held across two titles under Activity Centre Zoning, which supports potential future multi-stage development up to 12 storeys.
“Large format retail assets of this quality and scale are almost never released to market. Epping Home & Life is one of only two assets valued above $100 million to be publicly offered in Victoria in the past decade,” said Stuart Taylor at JLL.
“The centre has been comprehensively repositioned onto new long-term leases with the country’s best retail covenants, and sits on one of metropolitan Melbourne’s most strategic landholdings. We expect it to draw the deepest field of institutional, syndicator and private capital we’ve seen assembled for an LFR campaign.”
“Epping Home & Life is one of only two assets valued above $100 million to be publicly offered in Victoria in the past decade,
“The centre has been comprehensively repositioned onto new long-term leases with the country’s best retail covenants, and sits on one of metropolitan Melbourne’s most strategic landholdings,” said Taylor.
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