The Coburns Central shopping centre, at 523 High St, Melton West, is for sale.
A shopping centre in Melbourne’s western suburbs has hit the market with expectations it will bag a circa-$50m sale.
Coburns Central in Melton West is home to tenants including a Woolworths supermarket, Chemist Warehouse, BWS, Bakers Delight, Hungry Jacks and a service station.
In 2025, the centre was acquired as part of a mega $440m transaction including the larger Woodgrove shopping centre.
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The centres were snapped up by Assembly Funds Management (AFM) and PGIM Real Estate. AFM was established by former Westfield executive Michael Gutman, the private equity firm Alceon and the Lowy Family Group, known for founding the Westfield shopping centre empire, which they sold off less than a decade ago.
Set on a 2ha site at the intersection of High St and Coburns Rd, Coburns Central itself has 6860sq m of floor space.
It’s about the size of the MCG’s playing surface.
Commercial real estate agency JLL’s Nick Willis, Stuart Taylor and Tom Noonan, and Stonebridge Property Group’s Justin Dowers and Kevin Tong, are overseeing the marketing campaign.
Coburns Central has 100 per cent occupancy across its shopfronts.
Chemist Warehouse, Charcoal Chicken, Melton Fresh Meats and Noodle Box are among the centre’s tenants.
If eligible, the centre’s eventual buyer will be exempt from paying upfront stamp duty under Victoria’s Commercial and Industrial Property Tax (CIPT) regime. This replaced traditional upfront stamp duty with a 1 per cent yearly tax on unimproved land value.
Mr Noonan said they were expecting interest from local, national and offshore investors.
“It’s one of the strongest performing supermarket-anchored neighbourhood shopping centres to come on to the Victorian market in a number of years,” he said.
“It’s a very high quality centre and highly-productive centre in terms of performance, in the city of Melton which is one of Melbourne’s highest growth municipalities.”
Since 2001, Melton’s population has increased by an average of 6.5 per cent every year.
The municipality’s population is forecast to almost double to 470,596 residents by 2046.
The Woolies at the centre is among the top-performing Woolworths stores in the state, according to a release from JLL and Stonebridge Property Group.
The Bakers Delight at the centre is joined by other food outlets such as a pizza shop and coffee shops.
Mr Willis said that the area’s demographics made Coburns Central a compelling opportunity for investors seeking income security and growth.
“In a market where investment supply is tightly held, we’re experiencing increased investor interest across all capital types, from private to major global institutions,” he added.
Mr Dowers noted the industry was seeing exceptionally strong investor demand for metropolitan Melbourne retail assets.
“Neighbourhood centres anchored by high-performing supermarkets in locations experiencing genuine population and income growth are among the most sought-after retail investments for both institutional and private investors,” he said.
Expressions of interest will close at 5pm on August 26.
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