Corio Central and Lennox Village shopping centres listed

Two shopping centres, one near Sydney one in Geelong, have hit the market.

Corio Central (pictured above and top) in Geelong is anchored by Woolworths and Coles, as well as a Kmart DDS.

The 31,503 square metre centre is located 8 kilometres north of the Geelong CBD.

Additional tenants include six mini-majors, 82 specialty stores and kiosks, 16 offices and 1 pad site.

Lennox Village (below) is in Emu Plains, approximately 50 kilometres west of the Sydney CBD.

The 10,065 square metre centre shopping centre is tenanted by a Woolworths supermarket, an ALDI, a Dan Murphy’s, 30 specialties stores, a kiosks, one office and five pad sites.

Simon Rooney, JLL’s Head of Retail Investments – Australasia, said this section of the market was strong.

“Major convenience-based shopping centres continue to generate strong interest from investors, given their exposure to more resilient retail categories such as grocery, F&B and retail services,” Rooney said.

“Buyers see relative value in retail assets given the widening spread to other asset classes and attractive income returns available for quality neighbourhood and sub-regional centres.

“Investors are opportunistically making tactical retail acquisitions to take advantage of the pricing disparity between sectors and individual assets.”

Transaction activity was highest in the $50 million-$150 million bracket in 2018, having increased 74%, on top of 47% growth already recorded in 2017, JLL said.

“Investors are targeting high-yielding neighbourhood and small and mid-sized sub-regional centres, such as Corio Central, with a major focus on retail services as well as F&B,” said Rooney.

“F&B has consistently been the fastest growing retail category over the last five, 10 and 20 years, which underpins solid leasing demand.”