Wangaratta's largest retail development site is being brought to market by Colliers in conjunction with Garry Nash & Co Real Estate. The 5.77-hectare site is located  within a top 10 regional Victoria city, offering an opportunity for a major retail development with  existing national retailer demand within an undersupplied catchment. Located just 1.6 km from  Wangaratta CBD, the site is strategically positioned within a tightly held precinct with high barriers to  future competition. 

Colliers National Director | Retail Middle Markets, Tim McIntosh, said, "With core retail development  stock remaining scarce, retail sites within underserviced regional catchments across Victoria  continue to attract strong interest from retailers, developers and owner-occupiers due to limited  competition and a captive trade area.” 

"Developers are increasingly drawn to these opportunities as they offer immediate pipeline  potential, reduced holding costs, collaborative councils and a lower land rate relative to  metropolitan site opportunities. The council has endorsed a future retail development, including  large format retail on the site," added Mr McIntosh.  

According to recent data from Colliers, demand for Large Format Retail (LFR) assets remains robust  across Victoria, underpinned by ongoing population growth and increased spending on household  goods. Nationally, there remains limited new supply in 2025, with new supply levels being 82% lower  than in 2021.  

Will Heffernan, Colliers Executive, VIC | Retail Middle Market, said, "Colliers research data shows that  Victoria's committed LFR supply out to 2025 currently only represents 15,950sqm, the majority  dedicated to the Melbourne Metro Area, which further underpins the scarcity and tightly held nature  of existing LFR properties." 

Transaction volumes for LFR assets have consistently exceeded long-term averages, with national  transaction volumes in 2024 totalling $655 million, in line with the 10-year average. While metropolitan areas have traditionally attracted larger investment shares, regional Victoria is gaining  increased attention from developers and investors due to strong tenant demand and limited  competition in these markets. All LFR transactions in Victoria in 2024 were in regional locations,  across three transactions amounting to $104.61 million. 

Mike Noble from Garry Nash & Co Real Estate said, "With its strong spending potential and lack of  direct competition, Wangaratta's catchment is well-positioned to attract top-tier national tenants,  solidifying its potential as a retail destination."  

The population growth within the catchment will see increased demand per capita for LFR, with  annual LFR retail spending forecasted to expand to $338.9 million by 2030 and further to $441.0  million by 2036. Wangaratta is a top 10 regional city in Victoria by population with its 30,000  residents, located 236 km north-west of Melbourne, and acts as the major regional hub surrounding  regional townships. 

The offering follows several significant regional Victorian retail transactions, including Woolworths anchored East Warrnambool Shopping Centre, selling for $20 million, Ballarat HomeCo trading for  $54 million and Pakington Strand Shopping Centre, which sold for over $30 million in the same year,  all transactions managed by Colliers Victorian Retail Middle Markets' team. 

Colliers Tim McIntosh and Will Heffernan are managing the sale with Mike Noble and Duncan  MacGibbon from Garry Nash & Co Real Estate. The Wangaratta Landmark Development Site is being  offered for sale via an Expressions of Interest Campaign closing at 2pm (AEDT) on Thursday, 20th  March 2025.