Aldi anchored shopping centre snares big sale price
Bell Park Plaza has sold for $20.58m after a competitive expressions of interest campaign that drew almost 200 inquiries and seven formal offers.
The sale was handled by Burgess Rawson's Raoul Holderhead, Shaun Venables and Zomart He, together with JLL's Stuart Taylor, Tom Noonan and MingXuan Li.
The sale price reflects a strong initial passing yield of 5.65 per cent, representing a .29 per cent premium to the 2024 average yield for Victorian neighbourhood centres generally, and a .47 per cent premium to the 10-year yield average for regional neighbourhood centres, JLL Research shows.
The 4242sq m fully leased shopping centre is anchored by Aldi, Cheap as Chips and supported by a mix of retailers including a pharmacy, medical centre and Cellarbrations Liquor.
Mr Holderhead said that sale reinforces the demand for well-positioned, essential-service assets.
'With strong leases, low specialty rents and limited management overheads, Bell Park Plaza ticked all the boxes for long-term investors,' Mr Holderhead said.
'The strong result reflected Geelong's ongoing growth and the enduring appeal of well-leased, daily-needs retail.
'Geelong is one of Victoria's fastest-growing regions, supported by major infrastructure investment and a strengthening local economy. Centres like Bell Park Plaza offer long-term capital appreciation and reliable income streams,' he said.
Mr Taylor said Bell Park Plaza marks the third Victorian neighbourhood centre to sell in 2025 as more investors look for lower-risk returns of commercial real estate.
'The successful purchaser was a first-time shopping centre buyer,' Mr Taylor said.
'Investors are looking to the Victorian neighbourhood shopping centre sector as a defensive asset class, offering attractive risk adjusted returns.'
Mr He said investors were actively pursuing neighbourhood centres with strong tenant covenants and low maintenance requirements.
'The level of inquiry we received on Bell Park Plaza shows how competitive this part of the market remains.'
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