Colliers International to sell Ballarto Village Shopping Centre Site
The highly anticipated last remaining shopping centre site in Cranbourne is due to hit the market amidst expectations of keen interest from a range of developers.
Colliers International’s Tom Noonan, Tim McIntosh and Hamish Burgess have been appointed to exclusively sell the Ballarto Village Shopping Centre Site at 2 Adrian Street in Cranbourne East on behalf of a private family.
“This represents the last remaining opportunity to acquire a significant shopping centre site in the Cranbourne area,” Mr Noonan said. “Ballarto Village Shopping Centre will be the only supermarket-anchored centre in the main trade area.
“Seldom is a retail opportunity of this calibre offered in Victoria, particularly in such a high profile growth location with a pre-commitment from Woolworths on the adjoining site. We anticipate very strong interest from local and off-shore developers."
The 21,185sqm site occupies a prominent corner location at the junction of Ballarto Road and Adrian Street, hallmarked as two major thoroughfares in the approved Cranbourne East Precinct Structure Plan.
Cranbourne East is Australia’s fastest growing suburb, recording a staggering population growth of 32% in 2015 to 18,923 residents. This rapid population growth is forecast to continue, growing 10.2% per annum to 2026.
The site comes with an approved Urban Design Framework (UDF) that incorporates a strategic mix of retail, commercial and residential uses.
“This site is within immediate proximity to several high profile land estates, developed by Australia’s leading property groups including, Lend Lease, Devine and Peet. These estates will deliver approximately 5,000 new residents into the Main Trade Area over the next couple of years,” Mr Burgess said.
Mr McIntosh said the Ballarto site would, according to the approved Cranbourne East PSP, play a significant role in the future of the broader Cranbourne area.
“The site represents the epicentre of future activity, with direct proximity to the future employment area, transport and a dense residential population,” he said. “The Main Trade Area total retail spending is expected to increase from $52million in 2016 to $181million by 2026, representing a strong growth rate of 13.3% per annum."
The property is for sale by Expression of Interest closing Thursday June 2, 2016 at 2pm.