Central Square Ballarat offered for sale

Central Square Ballarat, the 23,373sqm shopping centre anchored by Myer and Target in the city’s CBD, is for sale.

Stonebridge Property Group Retail Investments has been appointed exclusively to manage the expressions of interest campaign, with national partner Justin Dowers and partner Kevin Tong handling the sale.

The centre occupies a 12,428sqm Commercial 1-zoned site and includes an established retail mix. Myer and Target account for almost 70 per cent of the centre’s lettable area, making Central Square one of Ballarat’s major retail destinations.

The property also incorporates a historic Sturt Street building dating to around 1870, with the Central Square shopping centre developed around it in 1988. Myer has traded from the site since 1951.

Dowers said shopping centres of Central Square’s scale and profile were rarely offered in regional CBD locations.

“Central Square has been part of Ballarat’s retail landscape for generations, with Myer trading from the site since 1951,” he continued.

“It is one of the city’s most recognisable retail properties, and opportunities to acquire a CBD shopping centre of this scale, anchored by both Myer and Target, rarely come to market.”

Meanwhile, Tong said the centre benefited from Ballarat’s position as the retail and services hub for the broader Central Highlands.

“Central Square’s CBD location places it among the city’s employment, healthcare, education, and civic precincts, while the Myer and Target anchors give it a strong destination offer,” he said.