Harcrest Hub Shopping Centre hits market as Mirvac sells out residential estate

Colliers International appointed to sell six retail shops and ATM in one line

With Mirvac’s highly successful Harcrest Estate in Wantirna South now 100% sold, Mirvac is turning its attention to the upcoming sale of the development’s retail element, Harcrest Hub Shopping Centre.

Colliers International’s Tom Noonan and Tim McIntosh have been exclusively appointed to sell six retail shops and an ATM at Harcrest Hub Shopping Centre, totalling 624sqm, in-one-line.

The Centre is located at the entrance to Mirvac’s Harcrest Estate in Wantirna South, approximately 25km south east of the Melbourne CBD.

“Harcrest Hub Shopping Centre first opened its doors in March 2013, representing a strata-titled neighbourhood shopping centre anchored by a MetCash IGA in addition to six specialty retail tenancies, one ATM and 96 on-site car spaces,” Mr Noonan said.

“This retail investment opportunity offers significant income growth in the immediate-to-short term, with fixed increases that will see the passing income increase by 28% in just 24 months. The fully leased net income is $294,830 per annum."

Mr McIntosh said the Centre occupied a high exposure corner location at the junction of major thoroughfare Stud Road – which, according to VicRoads, has more than 41,000 cars passing daily – and Harcrest Boulevard, the main entrance to the Harcrest Estate.

“The Centre is located within the densely populated suburb of Wantirna South with a booming population,” Mr McIntosh said. “Harcrest Estate is anticipated to be home to over 3,000 residents at completion with approximately 70% currently constructed."

Wantirna South has a current population of around 18,000 residents. This is forecast to increase 20% by 2036.

“The Centre is a popular destination for local residents with its diverse offerings, which include a café, bakery, supermarket, hairdresser and restaurants in addition to ample parking and an attractive setting amongst the tranquil Harcrest Estate,” Mr McIntosh said.

Expressions of Interest close Wednesday November 9 at 2pm.

Harcrest Hub retail shopping centre Melbourne property real estate for sale Colliers International investment

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