Campbellfield Plaza sale to include rare 24-hour Kmart lease

One of the most significant suburban shopping centres in Melbourne’s northern suburbs is on the market, with Campbellfield Plaza’s owners selling their 100% interest in the property.

The shopping centre, which is home to the only 24-hour Kmart in the city’s north, is to be sold through expressions of interest.

Along with Kmart, the centre is anchored by major retailers Coles, Aldi and Officeworks, with another 19 specialty stores and a Kmart Tyre and Auto also calling it home.

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Spread over 18,000sqm of lettable area, Campbellfield Plaza occupies a 5.863ha site with 822 at-grade car parks, and lies 14km from Melbourne’s CBD.

JLL’s Simon Rooney, who is marketing the centre with Stuart Taylor and Tom Noonan, says its heavy weighting towards major retailers significantly increases its appeal.

“Small sub-regional shopping centres which are largely food, service and convenience-based remain highly sought after, given the limited reliance on discretionary sales,” Rooney says.

“Campbellfield Plaza is also unique in that it offers a higher than average majors-to-specialty ratio when compared to sub-regionals that have come to market in recent years.”

“The asset offers an opportunity to acquire a highly secure and defensive asset, with over 70% of income generated by the strong performing anchor tenants, and national retailers representing over 90% of GLA.”

The property attracts net annual rent of $4.6 million annually and has a weighted average lease expiry of 8.87 years.