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Stockland The Pines

This strategically located property sits in one of Melbourne’s strong socio-economic trade areas. The retail mix includes Coles, ALDI, Woolworths, Kmart and over 100 specialty stores. The centre is well regarded within the community for its high level of convenience, complemented by representation from the major banks, Australia Post, a medical clinic and a 250-seat food precinct. Recognising the market's need for high quality retirement living product, a DA was submitted in July 2017 to build 280 apartments.

Location: Doncaster East, Vic
Acquisition date: Nov 2004
Ownership/Title: 100%/Freehold
Cost including additions: $138.9 million
Last Independent Valuation
Date: Jun 2017
Valuation: $182 million
Valuation $/m2: $7,258/m²
Capitalisation rate: 6.00%
Discount rate: 7.50%
Car parking spaces: 1456
Gross lettable area: 25,075 m²
Annual sales: $173.03 million
Speciality occupancy cost: 18.3%
Weighted average lease expiry: 6.7 years
NABERS: 2.0 (Energy) 3.0 (Water)
Green Star rating: 2.0 (Performance)
Major Tenants GLA m2 Lease Expiry
Kmart 6,829 Jul 2028
Woolworths 3,830 Jul 2024
Coles 3,197 Oct 2024
ALDI 1,521 Oct 2031