Cobram Village

In late 2015, we revisited our research roots to try and establish as yet untapped areas of supermarket tenant demand. We commissioned our demographic consultants to identify areas that were gaps in Woolworths or Coles network and underserviced in terms of convenient retail offerings.

Cobram, located on the Murray River at the border of Victoria & NSW, was identified as a very strong prospect for a neighbourhood retail centre.

Our team identified the most appropriate site in Cobram for a new shopping centre and secured an option to acquire the site in 2016 – a site which required a rezoning from Commercial 2 to Commercial 1.

Despite significant community support for the centre, it took many years to secure the rezoning and Coles commitment – both of which were received during Covid in late 2021.

Given the time and effort put into the Cobram project over many years we were reluctant to even consider a sale of the site, however in early 2022 with a pre-lease to Coles in place and rezoning / DA approval, Justin Dowers at Stonebridge negotiated a sale to Troon Group for $11.3m, delivering a 22% IRR and 1.79x equity multiple.

Troon is anticipated to commence construction in late 2023 and once open it should be a strong trading centre.

For more information visit:

Project Statistics

Address:2-6 Colgan Street, Cobram VIC, Australia
Site Area:31,000m2
Net Lettable Area:DA approved for retail centre of 8,600 m2 including a 3,800m2 Coles supermarket
Sale Price:$11.3m settled March 2023
Investor IRR:22%pa
Equity Multiple:1.79x
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