Located at 31-33 King St, Bendigo and for sale through exclusive agents Ryder Commercial and Savills Retail Investments, this strategically located site is home to retail giant Target and occupies a land area of some 6,451 square metres with 3 street frontages and has Commercial 1 Zoning,
Managing Director of Ryder Commercial Mark Ryder explains ‘The subject property is also being offered with a renewed 11year term in addition to the security of an ASX-listed Wesfarmers lease covenant and is underpinned by a highly sought after and incredibly rare net lease’
Furthermore, it is positioned directly opposite a new Council multi-story car park (4 levels) development and together with adjacent on grade car parking provides for over 500+ vehicles, giving the property a unique nature along with flexible planning controls providing good future redevelopment potential (STCA).
The property itself comprises a formidable and rare opportunity to acquire large island site in the heart of Bendigo’s CBD, with 6,863sq m* of gross lettable area, with ground floor retail and first floor stock, office, and staff accommodation.
Savills National Director of Retail Investments, Steven Lerche says, ‘Bendigo enjoys a population of over 120,000 residents and services a vast regional catchment of 250,000 people. It is also Victoria’s third largest economy.
Bendigo’s CBD is home to major retailers including Coles, JB Hi Fi, Officeworks, Kathmandu, Dan Murphy’s and the first Myer store in Australia, many located in the nearby Hargreaves Mall, the retail and business heart of the CBD. The CBD is also in home to Bendigo Bank’s national headquarters and the Environment Protection Authority (EPA Victoria).
A number of historic properties are located in the surrounding precincts along with Bendigo Hospital and a major heath precinct.
The Victorian Government has invested $49.6 million in Bendigo Metro 3 to provide more access for the people in Bendigo and is part of the $4 billion Regional Rail Revival program, which is upgrading every regional passenger rail line in Victoria. Bendigo also benefitted from the $630million construction of the hospital was completed on Aug 2018.
He added ‘Target have traded from the property for nearly 35 years and continue to trade strongly on this prime site at what is considered low rent and occupancy cost’.
Savills Victorian Director of Retail Investments, Rick Silberman believes all the fundamentals that buyers’ are typically seeking are uniquely embedded in this asset.
“These attributes include the certainty of a long-term lease that is secured by a quality and reliable ASX-listed tenant in addition to a strong performing store with an incredibly rare net lease structure.
“For these reasons and the current shortage of similar opportunities in the market, we anticipate there will be significant interest from a wide range of parties including private investors, funds and institutional groups.”
Target Bendigo is For Sale by Expressions of Interest closing at 12pm Wednesday 17 November 2021.