WARRNAMBOOL TARGET
Location
154 Koroit Street, Warrnambool, Victoria
Building completion date
Commenced trading circa 1970 and was refurbished and extended in 2009
Parking
Approximately 172 car parking spaces are provided to the north (shared with Coles) and a further 93 undercroft car spaces provided under the centre.
LGA/Zoning
Warrnambool City Council Commercial 1 Zone (C1Z). The zoning objective is to create vibrant mixed use commercial centres for retail, office, business, entertainment and community uses and provide for residential uses at densities complementary to the role and scale of the commercial centre.
Catchment Area/h3>
Warrnambool is the retail and administrative hub of the south-western coast of Victoria. The town is located approximately 225km west of the Melbourne Central Business District. The town is situated on the Pacific Highway, providing excellent regional and local accessibility for the surrounding population.
The city centre is the most significant retail, commercial and services precinct in Warrnambool and the property is situated in the heart of the city centre on the block bounded by Lava Street (north), Leibig Street (east) and Koroit Street (south).
The Warrnambool Target property is part of the Warrnambool City Council Centre Revitalisation and Streetscape Project. The Project has commenced and involves substantial upgrades to main city streets, improvement of footpaths, vehicle and public transport connections, landscaping, pedestrian crossings and street furniture.
The site is immediately south of Coles supermarket (2,000m2) and adjoins the Council owned at grade carparks which provide direct access to the site and main streets.
Warrnambool City Council has conducted residential master planning to the north of the City and these designated growth areas will support population growth in the medium to longer term.
Type
Sub-regional
Specialty tenants
10
Independent Valuation ($m)
$16.0m
Capitalisation Rate
8.25%
Property GLA (sqm)
6,983.3
Occupancy
100%2
Anchor Tenant
Target
WALE (years)
5.82
Site area incl parking (sqm)
7,089
For more information on Warrnambool Target see the Product Disclosure Statement.
2 The rental guarantee applies until 30 June 2020.