95-103 Pakington StreetGeelong West VIC 3218
Property Details for 95-103 Pakington St, Geelong West
Last Listing description (November 2023)
Colliers and Stonebridge are pleased to exclusively present for sale Pakington Strand Shopping Centre, Geelong's Best Income producing & Landbanking Opportunity.
A prime 100% leased neighbourhood shopping centre anchored by Woolworths, Pakington Strand Shopping Centre is located in the affluent inner-metropolitan Geelong demographic just 2km from the CBD and 76km south-west of the Melbourne CBD.
The Centre comprises of 13 specialty shops, 3 kiosks and 1 ATM accounting for 5,317 sqm of GLA with access to 307 car spaces (5.77/100sqm of GLA). With a 28-year lease and options till 2079, the Centre's ultra-dominant Woolworths supermarket is currently trading above benchmarks and paying turnover rent.
The significant 20,984 sqm landholding boasts 412 metres of frontage across three streets and is Mixed Use Zoned (MUZ) and has been government endorsed for the entire Pakington Street precinct to undergo significant redevelopment. The centre benefits from its low site coverage and generous carpark allocation. The allowable height on certain parts of the site reaches 6 storeys allowing for a multitude of development possibilities.
Investment Highlights
1. Significant 20,984 sqm landholding with 412 metres of frontage across three streets
2. The largest commercially zoned site along Pakington Street
3. Unparalleled opportunity for a mixed-use development comprising retail, commercial and residential
4. Government support being designated a strategic site under the Urban Design Framework
5. Low current site coverage of 25% with provision for 60% site coverage
6. Strong performing Woolworths-anchored neighbourhood shopping centre paying significant percentage rent
7. 28-year lease to Woolworths with options till 2079
8. Ultra-dominant supermarket trading significantly above benchmarks
9. 100% leased centre with 74% weighting (GLA) to Woolworths
10. Affluent inner-metropolitan Geelong demographic just 2km from the CBD and 76km south-west of the Melbourne CBD
*Approximately
Pakington Strand Shopping Centre is being offered for sale via an Expressions of Interest (EOI) campaign, closing 2pm (AEDT) on Tuesday 5 December 2023.
Please contact the exclusive marketing agents for more information.
Colliers
Tim McIntosh | 0488 320 063
James Wilson | 0402 079 304
Stonebridge
Kevin Tong | 0422 848 818
Justin Dowers | 0438 098 805
Property History for 95-103 Pakington St, Geelong West, VIC 3218
- 13 Dec 2023Sold for $31,800,000
- 02 Nov 2023Listed for Sale Please contact agent
- 25 Mar 2021Listed for Rent - Price not available
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About Geelong West 3218
The size of Geelong West is approximately 2.3 square kilometres. It has 5 parks covering nearly 2.4% of total area. The population of Geelong West in 2011 was 6,682 people. By 2016 the population was 6,976 showing a population growth of 4.4% in the area during that time. The predominant age group in Geelong West is 20-29 years. Households in Geelong West are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Geelong West work in a professional occupation. In 2011, 58.5% of the homes in Geelong West were owner-occupied compared with 57.4% in 2016.
Geelong West has 4,727 properties. Over the last 5 years, Houses in Geelong West have seen a 32.71% increase in median value, while Units have seen a 21.67% increase. As at 31 October 2024:
- The median value for Houses in Geelong West is $838,825 while the median value for Units is $481,536.
- Houses have a median rent of $520 while Units have a median rent of $460.
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