Maas Group has placed The Village Southlakes neighbourhood shopping centre in Dubbo on the market.
JLL Retail Investments agents Sebastian Fahey and David Mahood are managing the expressions of interest campaign.
Situated within the Southlakes master-planned estate, the property spans a 24,200sqm corner site and is anchored by a Coles supermarket and Liquorland on a 10-year lease.
The asset also provides 317 car spaces and proximity to the Mitchell and Newell Highways.
Additional tenants include The Reject Shop, Priceline Pharmacy, and 19 specialty retailers, generating annual income of $3 million and a weighted average lease expiry of 8.4 years.
According to the group’s announcement, the property serves an immediate catchment area that includes over 1000 new homes currently under construction.
Sebastian Fahey of JLL noted that the asset is one of the few new full-line supermarket centre offerings in regional NSW in the past five years.
Mahood added that the property enters the market amid limited transaction volumes across the state’s neighbourhood retail sector.
Mass Group CEO Wes Maas said that the development was designed to provide essential retail services to the growing regional community.
“As Dubbo’s newest shopping centre since 2010, this purpose-built development provides essential retail services at the heart of the region’s largest master-planned estate.”
“We’re proud to have created a centre that will serve the Dubbo community for generations to come, positioned within a precinct that will ultimately deliver thousands of new homes.”
Over $20 billion in committed infrastructure investment across the Central-West Orana region supports regional growth, including the Dubbo Hospital redevelopment and the Newell Highway upgrade.
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