Casey Central
Haben Property Fund and their Joint Venture Partner, The JY Group have purchased Casey Central town center for $225million. This is Victoria’s largest subregional shopping centre sale in five decades.
Lachlan MacGillivray from Colliers, Head of Retail Investment Services, was instrumental in the sale for M&G Investments.
Casey Central, a triple-supermarket and discount department store town center in Melbourne’s South East Growth Corridor, is a standout.
The centre is prominently located at the Narre Warren-Cranbourne Road. It has a single-level layout and is home to Coles, Woolworths and ALDI. Major tenants together occupy 54% total GLA. A major tenant weighted average lease expiry of 14.4 year by income ensures strong income security.
James MacKinnon from M&G Investments, Head of Australia Real Estate, said, “We are very happy with the outcome via a highly competitive sales process for Casey Central with the fund delivering strong outcomes for its’ investors.”
“The asset has displayed remarkable resilience during a difficult last 12 months, and we have been very happy with its performance throughout our ownership period.”
Ben Finger, Haben’s Managing Director, stated that Casey Central was a joy to acquire. We are focused on the long-term growth fundamentals of this asset and see an opportunity for us to build upon the solid foundations M&G laid during their ownership.
According to Mr MacGillivray, the sale increased the volume of sub-regional transactions by more than $1.2billion for the year.
“Casey Central has been one of the most high-quality town centres we have ever seen,” Mr MacGillivray stated.
“It fulfilled all the criteria that astute investors were looking to find in that it provided a secure tenant profile, minimal capital expenditure, and was perfectly placed to capture the future growth potential for the trade area.
“Currently, there is more than $2billion of unsatisfied capital actively pursuing retail centers that offer these characteristics as evidenced by recent market transactions such as The Square Mirrabooka or CS Square.
“Assets like Casey Central are rarely put on the market. The centre is well-equipped to meet the growing needs of the family-based community.
Casey Central is located 40km from Melbourne’s CBD. It is in the heart Melbourne’s southeast growth corridor, where the population of trade areas is expected to grow at 2.1% per year. To 20361
In 2016, the centre was redeveloped for $155million. It is now a premier town centre that offers exceptional amenities to its customers.
An incoming investor can drive long-term site performance with maximum flexibility due to the 29% site coverage.
This sale is the largest transaction to occur in a sub-regional shopping center in Australia since 2019.
In one of Victoria’s fastest-growing regions, a dominant town centre has been put on the market. Casey Central, a triple-supermarket and Kmart-anchored centre in Casey, is a standout shopping destination that caters to the daily needs for residents of the trade area.
Coles, Woolworths and ALDI anchor the centre, which has a unique combined major tenant weighted average lease expiry of 14.2 (by income) Tenants are strongly oriented towards service-based and non-discretionary retailers. Approximately 59% of the specialty GLA is currently occupied with service, food catering, and fast-food tenants.
M&G Investments has appointed Lachlan MacGillivray as Head of Retail Investment Services at Colliers to handle the sale.
As evidenced in recent market transactions, including CS Square in Victoria, investors are actively seeking retail centres with these characteristics. Casey Central is a triple-supermarket-anchored town center with a new lease to Kmart. This gives an incoming investor maximum flexibility to drive long-term performance. Assets like Casey Central are rare to come to market.
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