Supermarkets eye new town centre site near train station
The last undeveloped town centre site within the Armstrong Creek growth area has gone on the market at 62-84 Drews Rd, Marshall.
Australia’s major supermarket chains are among the national groups lining up for the last undeveloped town centre site in Geelong’s southern growth corridor.
A full-line supermarket, other retail shops, childcare and medium density housing are earmarked for the 4.56ha site adjacent to the Marshall Train Station.
The Marshall Town Centre site is for sale as a strategic mixed use retail development site.
The 4.56ha property at 62-84 Drews Rd is expected to sell for more than $13.5m in an expressions of interest campaign through Colliers agents Tim McIntosh, Will Heffernan and Chris Nanni, which closes November 12.
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The land sits within the approved Marshall precinct structure plan, which is expected to be gazetted by the state government early next year.
The present owner acquired the farming property for $5m in 2020, records show.
As the last undeveloped town centre site, the property has already attracted strong interest, Mr Nanni said.
“It’s a hotly contested property and a constrained pipeline of retail zoned land in these growth corridors, especially with this size and scale and accessibility and proximity to major residential developments – they’re quite scarce,” Mr Nanni said.
“It should be highly sought after.
The last undeveloped town centre site within the Armstrong Creek growth area has gone on the market at 62-84 Drews Rd, Marshall.
“The major supermarkets are both interested, and as we know the PSP has been approved by the council, and it’s just waiting to be gazetted by the Minister, which we’re expecting to be early next year.”
The listing follows recent retail sites brought to market by Colliers including Armstrong Creek mixed-use sites and Sunbury South Town Centre, highlighting the depth of demand for town centre assets in Victoria’s growth corridors.
Town centre investments once development has been completed have also proved in demand in the corridor.
A sketch shows the potential outline for the Marshall Town Centre, including a full-line supermarket, other retail space, childcare, residential and a town square. 62-84 Drews Rd, Marshall.
Earlier projects to be completed in the corridor include the Charlemont Rise Shopping Centre by D. B. S Commercial in Precinct Rd, Charlemont, and The Square Ashbury, developed by Oreana at Horseshoe Bend Rd, Armstrong Creek.
Retail properties have been snapped up by investors, including $1.3m for a Bottlemart bottle shop on Barwon Heads Rd, Armstrong Creek on a 4.82 per cent yield, and a Fitstop gym at The Square for $1.857m on a 5.01 per cent yield.
Tim McIntosh, Colliers national director for retail middle markets said Marshall Town Centre occupies an infill location in the state’s fastest-growing regional growth corridor.
“The site is strategically located next to Marshall Train Station, seeing the future full-line supermarket anchored town centre serve a larger catchment area and absorb a large portion of the 127 per cent growth in retail spending to 2041,” Mr McIntosh said.
Marshall Train Station is a busy stop on the VLine Geelong train line.
The town centre will serve an established main trade area population of 12,960, with forecast growth of 4.6 per cent per annum to 2041, seeing the population increase to 26,550, Mr Heffernan said.
The Marshall PSP encompasses 123ha and will deliver over 1555 new dwellings, accommodating up to 5000 residents.
Mr Nanni said Marshall is a key growth suburb in Geelong’s southern corridor, 8km from the CBD and minutes from Barwon Heads Rd.
