Charter Hall Group has completed the acquisition of Burwood One Shopping Centre in Victoria for $210 million, strengthening its expanding metropolitan convenience retail portfolio.
Located 17 kilometres east of Melbourne’s CBD in the established suburb of Burwood East, Burwood One is a dominant sub-regional retail destination. The centre sits on a prominent 58,800 square metre Commercial 1-zoned corner site at the intersection of Burwood Highway and Blackburn Road, offering excellent visibility and access along two major arterial roads.
The fully leased centre is anchored by major non-discretionary retailers Coles, Kmart and ALDI, supported by seven mini-major tenants, 40 specialty stores and eight kiosks. Coles and Kmart both operate 24-hour trading and are recognised as one of the strongest-performing Coles–Kmart combinations nationally.
Charter Hall Retail Chief Executive Officer Ben Ellis said the acquisition aligns with the group’s strategy of investing in high-performing, convenience-based retail assets in strong metropolitan locations.
“Burwood One is another quality addition to our $2.5 billion Charter Hall Convenience Retail Fund and follows our recent acquisition of Southport Park Shopping Centre,” Mr Ellis said. “The centre is well positioned for future growth due to its proximity to Deakin University and the planned Suburban Rail Loop East, as well as its longer-term development potential.”
He added that the Burwood One and Southport Park acquisitions reflect Charter Hall’s focus on dual and triple supermarket-anchored convenience centres that deliver stable income and strong capital growth prospects.
The transaction was secured through a select party expressions-of-interest campaign, negotiated by Stonebridge on behalf of a private investor.
With this acquisition, Charter Hall continues to reinforce its presence in the non-discretionary retail sector, targeting resilient assets that are expected to deliver long-term outperformance for investors.
