One of Melbourne’s best-known retail centres situated within the ‘MegaMile’ retail precinct of Nunawading is set to hit the market later this week with a variety of repositioning, repurposing or redevelopment opportunities available.
Brand Smart Shopping Centre is strategically located within the ‘MegaMile’ Activity Centre Zone, a nationally recognised retail precinct in Nunawading, known for the high prevalence of national and international brands.
Located at 288 Whitehorse Road, Nunawading, Brand Smart is situated on a substantial landholding of 25,824sq m with a 95 metre frontage to Whitehorse Road that experiences 11 million* cars passing annually. The Centre comprises 9,317sq m of retail, leased to a variety of household brands including Adairs, Gazman, Oroton, Bonds, Sheridan, Bed Bath ‘N’ Table and Squires Loft and provides convenient on-site parking for 455 cars (4.9/100sq m GLA). The current net income is approximately $2,853,000 per annum, with a potential fully leased net income of $4,276,000 per annum.
Brand Smart Shopping Centre offers a strong holding income with a short term WALE of 2.1 years, providing ultimate flexibility and significant scope for immediate growth and is exclusively for sale through Clinton Baxter and Jesse Radisich of Savills Australia and Tim McIntosh and Mike Crittenden of Colliers International, who believe this is a unique opportunity to reposition the asset to generate higher income, or look at full redevelopment to capitalise on the site’s high profile and strategic location.
According to Clinton Baxter, State Director at Savills Australia, “This is an extraordinary opportunity to secure one of the most recognisable retail assets in Melbourne, and then add-value through strategic repositioning or redevelopment.
“There is enormous scope for developers to reimagine the future of this retail icon, with flexible planning parameters encouraging higher density development up to seven levels or a height limit of 21 metres,” he continued.
The strategic location provides convenient connectivity via abundant transport infrastructure, connected to several of Melbourne’s major arterial roads, including the Eastern Freeway, EastLink, Springvale Road and Whitehorse Road. The Nunawading Train Station is also positioned just 200 metres* east of the Centre and provides direct services to the Melbourne CBD.
According to Tim McIntosh of Colliers International, “We are experiencing strong demand for opportunities with the core fundamentals of Brand Smart Shopping Centre whilst providing immediate and scalable value-add potential.”
The centre is centrally positioned within Nunawading’s thriving ‘MegaMile’ precinct, an established retail, commercial and employment precinct for over two decades. Brand Smart leverages its significant landholding, abundant on-site parking and close proximity to national retailers including, Bunnings, JB Hi- Fi, Freedom, Harvey Norman, The Good Guys, Snooze and many more. The location is a proven destination for all things retail.
288 Whitehorse Road, Nunawading is for sale by Expressions of Interest closing 2pm Thursday 26 November 2020.
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