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Market Insights

19.03.2019

Curlewis SC/Woolworths on the market

The Woolworths anchored Curlewis Shopping Centre at Clifton Springs – one of the City of Geelong’s fastest growing areas – has been put on the market.

Located on the Bellarine Peninsula, about 15 minutes from the Geelong CBD, the relatively new property opened in 2015 with Woolworths and BWS and has since added a medical centre, pharmacy, an optometrist, a café, CBA bank, and hairdresser among other specialty stores.

The 4,435 square metre GLA neighbourhood centre currently returns a net income of circa $1.115 million (fully leased), with Woolworths on a 15 year term, and provides parking for 185 cars.

CBRE Director Investments, Mark Wizel, who is marketing the property with Justin Dowers and Kevin Tong, said the value of the centre was underpinned by the Woolworths tenancy and the forecast growth in the local population.

“The City of Greater Geelong is forecast to add 87,000 new residents by 2036 – that’s a significant 36% increase – and the Bellarine Peninsula is an integral part of that growth projection.

“The retail catchment therefore is something that prospective purchasers will note as a potentially significant contributor to the returns on the investment over time,’’ Mr Wizel said.

Geelong’s major Jetty Road Urban Growth Area Plan, immediately to the west of Clifton Springs, is expected to accommodate a large proportion of the projected 20,000 resident growth of the Bellarine Peninsula, adding more than 8000 people to the local catchment area.

According to Australian Bureau of Statistics data the population of the neighboring Drysdale/ Clifton Springs towns will reach approximately 13,100 persons by 2022,    an average annual increase of 1.2% which is considerably higher than that of the City of Greater Geelong.

Mr Dowers said high non-discretionary spend tenancy mixes with long term leases to blue chip tenants, such as Woolworths, in high population growth regions, remained the key shopping centre investment drivers.

“Long-term leases and income security during downturns have always been attractive as a key defensive investment. What is also attracting investors today is the potential to add value in the longer term where town centre zoned land in rapidly growing suburbs allows for mixed use developments.

“These factors remain some of the most compelling attributes of property investment across all sectors of the commercial property market and so there is little wonder that buyers keep coming back to retail,’’ Mr Dowers said.

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