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BLACKBURN SQUARE SHOPPING CENTRE, BLACKBURN NORTH VIC

Property Overview and Strategy

Convenience based neighbourhood shopping centre located in the suburb of North Blackburn approximately 16 kilometres east of Melbourne CBD. The property is located on the southeastern corner of Springfield and Williams Roads, within a well-established residential area.

The Centre was constructed in 1967 and has been subject to a comprehensive re-development and expansion, which completed in October 2023.

The Centre now comprises a unique triple-supermarket anchored 'super-neighbourhood' Centre with 52 specialties.

The specialty mix is heavily weighted towards non-discretionary uses with a focus on convenience, fresh food and retail services.

Major Tenant

NLA sqm

% NLA

Expiry

Rent Review

Coles

4,051

 23%

12 April 2037

3 yearly aggregate of base plus turnover rent

Woolworths

3,694

 21%

30 June 2035

5 yearly aggregate of base plus turnover rent.

 

Blackburn Square Shopping Center, VIC

Property information as at 31 December 2023

Book value 

$141.3m

Capitalisation Rate 

5.50%

Net Lettable Area (sqm) 

17,573sqm

Site Area (sqm) 

49,510sqm

Site Coverage 

35.5%

Occupancy (by NLA) 

98.0%

WALE

9.34 years

Building constructed 

1967

Latest refurbishment 

2023

 

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ASSET INFORMATION

Location

 Blackburn, VIC

Asset Type

 Neighbourhood Shopping Centre

Lettable Area (m2)

 17,577 

Occupancy by Income (%)

 97.7%

Weighted Average Lease Expiry by Income (Years)

 9.0

Year Constructed

 1967

Last Refurbishment

 2023

Major Tenant/s

 Coles, Woolworths

Website

 www.blackburnsquare.com.au
BLACKBURN SQUARE