Leopold Gateway Plaza super site opens prime expansion options
A strategic landholding identified for the future expansion of the Bellarine Peninsula’s largest shopping centre has hit the market.
The 6.7ha greenfield property is directly north of Leopold’s Gateway Plaza shopping centre and is earmarked to be rezoned for its future expansion under the town’s structure plan.
Darcy Jarman, Geelong West agent Tim Darcy is handling the expressions of interest campaign for the property at 92-100 Melaluka Road, closing on March 11.
“It’s been clearly identified to be rezoned to Commercial 1 to accommodate the future expansion of the neighbouring subregional shopping centre,” he said.
“It’s going to have quite a bit of scope in its future retail, restricted retail and potentially even an element of residential development for that site.”
The site has over 350m of combined street frontage to Melaluka Road and Clifton Avenue, plus an internal two-lane road behind the existing complex.
A planning report prepared by Tract Consulting for the sale includes a concept plan outlining potential uses including bulky goods, retail, food and drink and a tavern.
Documents supporting a previous expansion of the shopping centre showed non-retail functions allowed could also include a cinema, office and business services.
Mr Darcy said any development would need to complement the existing centre.
Listed property fund Charter Hall bought the neighbouring 33,510sq m centre in 2018 for $117m from a fund managed by shopping centre giant Vicinity Centres, which led a massive expansion to the centre.
The centre includes Coles and Aldi supermarkets, Kmart and Bunnings as anchor tenants.
But Mr Darcy said Charter Hall would not necessarily be among the suitors for this property.
“There is going to be a multitude of parties that are going to want to potential acquire that site,” he said.
“It will be people that are fairly familiar with the development landscape with respect to the development of retail and commercial amenities to furnish growth in these areas.”
Mr Darcy wouldn’t be drawn on the potential value of the property, but pointed to recent development land sales.
A 2.02ha residential property at 141-149 Kensington Road, Leopold, sold last November for $3.7m.
“We’re running a genuine EOI process here. We haven’t got any definitive price expectations, in terms of where it ultimately will land, which will depend on a raft of things like terms and considerations with respect to price,” he said.
“There was a site that sold late last year in Kensington Road that sold for $3.7m that showed $1.85m a hectare. I’m not suggesting this is worth $1.85m a hectare but all these great strategic sites within our region would sell for something between $1m to $2m per hectare, but that’s very loose.”