Healesville retail hub a sanctuary for investors

Investors are expected to descend on Victorian tourist mecca the Yarra Valley, after neighbourhood shopping centre Healesville Walk was listed for sale.

With the market’s unquenchable thirst for neighbourhood shops showing no signs of slowing, the shopping centre in the heart of the tourism region is tipped to attract interest both at home and abroad.

The property sits on 1.33ha of land in the heart of Healesville, just minutes from popular wildlife attraction Healesville Sanctuary, and is anchored by a Coles supermarket and Liquorland outlet.

The 4972sqm property is also complemented by 12 specialty shops and sits on Healesville’s main retail strip.

CBRE’s Justin Dowers and Mark Wizel are marketing the property on behalf of Moelis Australia Asset Management, via an expressions of interest campaign that begins this month.

Dowers says neighbourhood shopping centres, which have proven to be a boom commercial property asset class due to to the limited opportunities available close to city centres, are still in major demand.

The Yarra Valley is internationally recognised as one of Australia’s leading tourism hot spots, specifically being a wine-producing region

“Neighbourhood shopping centres are becoming more sought after in comparison to other commercial property sectors, given their high portion of income associated with non-discretionary tenants, which are benefiting from consistent population growth in the state,” he says.

“Victorian centres in particular continue to strengthen, with the state maintaining the highest consumer sentiment levels in the country and the fastest economic growth rate, which is driving tenant performance and subsequently encouraging rental levels to increase.”

Dowers says the Yarra Valley region remains one of the most frequented tourist destinations in Victoria, underlining the viability of Healesville Walk.

“The Yarra Valley is internationally recognised as one of Australia’s leading tourism hot spots, specifically being a wine-producing region,” he says.

With over 744,000 domestic overnight visitors and 40,300 international overnight visitors a year, Healesville Walk continues to benefit from this influx of visitors.”