The Ocean Grove Lifestyle Centre at 11-17 Prosperity Drive is leased to BCF, Supercheap Auto, Anytime Fitness and I Love This Shop.
National retailers will be the main attraction as developers put their latest large format retail project on the Bellarine Peninsula up for sale.
ASX-listed Super Retail Group brands Supercheap Auto and BCF join I Love This Shop and Anytime Fitness at the Ocean Grove Lifestyle Centre, a development of four gleaming showrooms within the Kingston Village retail and services hub on the Bellarine Peninsula.
Leading Edge Property Group has developed the 8300sq m property at 11-17 Prosperity Drive including 3586sq m of lettable floorspace.
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A string of recent sales in the retail precinct show interest could be circa-$15m for the property that has a 262m triple street frontage and at-grade parking for 77 vehicles.
JLL’s Tom Noonan and Stuart Taylor, in conjunction with CRS’s Myles Snow and Lou Montalti, are managing an expressions of interest campaign closing on July 9 to sell the property, completed in 2026.
The centre provides a net annual income of about $1m, underpinned by a long 9-year weighted average lease expiry and fixed annual rental increases of 3.0 to 3.5 per cent across all tenancies.
The Ocean Grove Lifestyle Centre at 11-17 Prosperity Drive is leased to BCF, Supercheap Auto, Anytime Fitness and I Love This Shop.
Purchasers can also secure substantial depreciation benefits and potential access to Victoria’s 50 per cent regional stamp duty concession.
“Ocean Grove Lifestyle Centre delivers everything private investors are seeking – a brand-new asset, a 9-year WALE, guaranteed rental growth and an anchor covenant in ASX-listed Super Retail Group,” Mr Noonan said.
“Brand-new large format retail investments of this quality are rarely offered to the market, and we expect strong interest from high-net-worth investors and syndicators alike.”
It’s Leading Edge Property Group’s seventh retail development in the precinct, said chief executive officer Travis Snow.
Woolworths anchors the nearby Kingston Village Shopping Centre.
“Being one of Melbourne’s strongest growing growth corridors over recent years has bolstered the appetite of national brands to not only Ocean Grove but also to the Bellarine Peninsula which is now recognised as a true retail destination location,” Mr Snow said.
Sales in the past two years in the precinct have generated close to $25m.
JLL Research reveals large format retail investment volumes surged 272 per cent from $139.1m in 2024 to $519.1m in 2025, driven by strong sector fundamentals and severe supply constraints.
New completions are forecast to decline 75 per cent, from an average of 28,512 sqm delivered annually (2023-2025) to just 10,110 sqm (2026-2028), as suitable land becomes increasingly scarce and elevated construction costs curtail development activity.
Recent property sales in the retail precinct, including this Hungry Jack’s restaurant site, have generated close to $25m.
Mr Taylor said the centre’s location within the Geelong region offered substantial long-term growth potential.
“Greater Geelong boasts the fastest population growth in Victoria and the second fastest in Australia, with the population forecast to grow 47 per cent to more than 441,000 by 2046,” he said.
“Ocean Grove combines a thriving coastal lifestyle with deep trade catchment fundamentals – exactly the profile that drives enduring tenant and investor demand.”
CRS principal Myles Snow said the owner’s project team has been focused on delivering a high-quality asset that has satisfied the ASX and national Brand tenants that are now in occupation.