Cobblebank Village, a neighbourhood shopping centre anchored by a full-line Coles supermarket in Melbourne’s western growth corridor, has been listed for sale.
Stonebridge Property Group and Teska Carson have been appointed as agents to manage the transaction.
Located approximately 32km west of Melbourne’s CBD, the asset sits within the emerging Cobblebank Metropolitan Activity Centre.
Completed in 2021, the centre comprises 6326sqm of gross lettable area across a 20,858sqm site.
The asset is fully leased, with the 3831sqm Coles supermarket secured on a 10-year net lease through October 2033, while the remaining tenancy profile includes Jetts Fitness, 15 specialty retail units, and two kiosks.
Situated on Ferris Road, the complex is positioned 150m from Cobblebank Station and 2km from the Western Freeway. The current tenant selection is oriented primarily toward everyday needs and service-based retail.
The listing comes as the City of Melton’s population is forecast to reach 456,000 by 2046.
“Cobblebank Village is particularly well positioned in this regard, with the Main Trade Area population forecast to grow by approximately 81 per cent by 2041 and retail expenditure expected to nearly triple over the same period,” said Kevin Tong, partner at Stonebridge Property Group.
“That provides a very strong backdrop for future trading performance and rental growth.”
The immediate precinct is currently receiving more than $1 billion in institutional, civic, and transport infrastructure projects, including Melton Hospital, Kangan Institute campus, and Cobblebank Community Services Hub.
The joint sales campaign is led by Justin Dowers and Kevin Tong of Stonebridge Property Group alongside Michael Ludski and Matthew Feld of Teska Carson.
“We continue to see very strong investor demand for high-quality metropolitan neighbourhood shopping centres, particularly where they combine supermarket income with genuine population and expenditure growth,” said Tong.
The expressions of interest campaign for Cobblebank Village is set to close at 5 pm on November 5.
Add comment