PART of Delacombe's popular shopping precinct is up for grabs as the area's growth and development continues to boom.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
An expressions of interest campaign is underway for the retail segment listed as Ballarat Lifestyle Cente.
The 11, 710 square-metre site sits next to Bunnings and across the road from Delacombe Town Centre. This strip features five tenants, which are now: The Salvation Army, Autobarn, RB Sellars, Beds R Us and I Love This Shop.
The Courier understands the investor group, of which Ballarat's Troon Group is a developer, are keen to test the market while interest rates are low and there is a buzz about regional Victorian living.
H Troon developing managing director Steve Troon said it was an exciting prospect for Ballarat.
Investors see Ballarat has such a growth potential and that's such a positive.
- Steve Troon, H.Troon developing managing director
"Investors see Ballarat has such a growth potential and that's such a positive," Mr Troon said.
"Some investors are also tied up with DTC and Bunnings - the whole area is a real growth zone and is still pumping really strong, which is a good sign.
"For investors who have come with us, this is an opportunity to perhaps do very well and see what's available."
Stonebridge Property Group, which is managing expressions of interest with Colliers International, estimate the property would attract a likely price-tag upwards of $12 million.
Stonebridge director Justin Dowers said the demand was driven by projected population growth in regional Victoria and cheaper debt. He said a huge selling feature was already having Bunnings, DTC and McDonald's as neighbours.
"Major regional hubs like Ballarat, Bendigo, Geelong and maybe the Surf Coast are set to go through a bit of a boom on the back of the pandemic," Mr Dowers said.
"The biggest shift is in the work-from-home concept looking like it's here to stay and major companies are already implementing this. A lot more people who live in metro Melbourne and paying significant high prices for properties are looking to move to regional Victoria and we'e already starting to notice it in searches for regional properties."
Mr Dowers also said the fact Victorians had been stuck at home this year, unable to travel, had been a big boost for large format retails, like this centre, with more money and time to spend on home improvements.
Ballarat Lifestyle Centre, off Cherry Flat Road, returns an annual net income of $740, 490 from the five tenants. The space includes 175 car parks.
IN OTHER NEWS
Meanwhile, nearby in Delacombe Town Centre, town permits have been approved for a 7-Eleven and Starbucks next to Dan Murphy's.
Construction works are likely to begin early in the New Year but could start as soon as Christmas.
DTC, which is anchored by Kmart and Woolworths, also continues to evolve with National Australia Bank, Australia Post and a new pizza shop set to move in.
Super fast food giant McDonald's also opened earlier this year.
If you are seeing this message you are a loyal digital subscriber to The Courier, as we made this story available only to subscribers. Thank you very much for your support and allowing us to continue telling Ballarat's story. We appreciate your support of journalism in our great city.