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Wel.Co and HomeCo partner in high growth corridor of Melbourne to unlock potential of Armstrong Creek Town Centre

HomeCo Daily Needs REIT acquires newly completed Coles-anchored shopping centre

Listed fund manager Home Consortium’s Daily Needs REIT (ASX.HDN) have acquired the newly completed Armstrong Creek Shopping Centre from national commercial and residential developer Wel.Co for $55.6million.

The centre, just 7km south of the Geelong CBD, opened in September last year and is anchored by a strong performing Coles supermarket, mini-majors and a selection of high quality national and non-discretionary speciality retailers.

It is located in the suburb of Armstrong Creek, one of Australia’s fastest growing suburbs with 11.6% population growth per annum forecast over the next five years.

The centre sits within Wel.Co’s Armstrong Creek Town Centre, the largest privately owned town centre in Australia with an end value of $1billion. 

Andrew Welsh, Founder and Managing Director of Wel. Co, noted the centre sold unconditionally with settlement at the end of the month.

“The sale to HomeCo, one of Australia’s largest fund managers, is a clear advocation to the Armstrong Creek region and highlights the high quality and calibre of the Armstrong Creek Town Centre development,” Mr Welsh said.

“Armstrong Creek Town Centre already plays a instrumental role as the retail and commercial epicentre for the Geelong growth corridor. With the accelerated growth of the Armstrong Creek area through the last 12 months, we are bringing forward our delivery timeframes for the future stages and are currently rolling out our master planned strategy that we have collaborated with Geelong City Council on over the last five years.”

The sale of the Armstrong Creek Shopping Centre to Home Consortium was brokered by Colliers’  Directors of Retail Investment Services, Tim McIntosh and Mike Crittenden.
The sale of Armstrong Creek Shopping Centre is the third neighbourhood shopping centre to transact in the Geelong area in just two months and has been sold on a core cap rate of 6% with a rental guarantee for 12 months.

“Regional Victorian retail investments secured by ASX-listed covenants are one of the most highly sought-after commercial investments by both institutional and private investors currently,” Mr McIntosh said. “The investor focus is driven by confidence and security in the undoubted covenants, significant regional stamp duty concessions and recent outperformance of regional growth areas compared to metropolitan Melbourne.” 

HomeCo Daily Needs REIT Portfolio Fund Manager, Paul Doherty, said Armstrong Creek Shopping Centre was the only Coles supermarket in the primary trade area with a new 15-year lease to 2035.

“The centres strategic location provides exposure to the high population growth corridor of the Geelong region and forms an integral part of the rapidly evolving Armstrong Creek Town Centre,”

“The innovation and strategy for Armstrong Creek Town Centre, under Andrew’s leadership over the last five years, is something HomeCo are excited to be a part of and look forward to helping accelerate the development and performance of the wider town centre.” Mr Doherty said.

The Centre adjoins the future Armstrong Creek Train Station, which the State Government announced as part of $160million commitment to expand the trainline to accommodate the booming population growth, providing direct access to Geelong and the Melbourne CBD.

Related Experts

Tim McIntosh

Director, VIC | Retail Investment Services


Tim is a Director of Retail Investment Services, leading the Victorian team with Mike Crittenden and specialising in the sale of neighbourhood and sub-regional shopping centres, supermarkets, large format retail, hardware and and core retail sites. In 2021, Tim  managed and transacted in excess of $350 million of core retail investment assets, bringing total sales to in excess of $1 billion. 

Over Tim's 10 years in industry, he has transacted in excess of $1 billion of property, focusing solely on retail investments since joining Colliers in 2015. During Tim's time at Colliers, he has gained national and international transactional experience, including a 2-year secondment  with the Retail Capital Markets team in London, UK.

Tim and Mike combine diverse retail backgrounds across transactional, analytical and leasing expertise to provide clients holistic advice encompassing:

  • Strategic asset positioning and repositioning to maximise asset performance
  • Asset marketing, campaign strategy, implementation and execution
  • Sale negotiation and transaction
  • Shopping centre acquisition and disposal
  • Fund-through and joint venture structuring
  • Master-planning and project delivery
View expert

Mike Crittenden

Director, VIC | Retail Investment Services


Mike is a Director, VIC of Retail Investment Services bringing over 14 years of industry experience.

Mike has a comprehensive understanding of the retail sector, allowing him to provide prudent advice to his clients and purchasers.

Mike has delivered of some of Victoria’s most significant Sub-Regional and Neighbourhood Shopping Centres for prominent private and institutional clients. Mike offers a unique level of expertise to his clients and purchasers, with his in-depth knowledge and understanding of the Shopping Centre market, enabling him to provide expert advice on the sale and acquisition of retail assets.

• Shopping centre acquisition and disposal
• Sale negotiation and transaction
• Strategic shopping centre asset positioning and re-positioning
• Marketing campaign strategy and implementation
• Master-planning and project delivery
• Major Retail Lease negotiation and transaction

View expert