Image: Mambourin MarketplaceQIC Real Estate has expanded its convenience retail portfolio into Victoria, acquiring the newly developed Mambourin Marketplace in Melbourne’s fast-growing west for $53.87 million.
The Coles-anchored centre marks QIC’s second convenience retail purchase in less than 12 months, as it continues to selectively deploy capital into high-quality neighbourhood centres following a refresh of its everyday retail strategy last year.
Opened in September 2025 by Frasers Property Australia, the 7,500sqm Mambourin Marketplace is anchored by a full-line Coles and complemented by 25 specialty stores and a medical precinct, providing a strong mix of essential retail, health and community services.
QIC Real Estate Core Plus Strategies, Fund Manager Charles Occhino said the acquisition reflected QIC’s disciplined approach to capital allocation amid sustained competition for high-quality convenience retail assets.
“We have remained selective on deployment with a clear focus on opportunities where pricing, asset quality and long-term fundamentals align with our disciplined portfolio growth strategy.
“Mambourin Marketplace is highly consistent with the type of everyday retail exposure we are pursuing, combining resilient supermarket-anchored income with exposure to a catchment relatively early in its growth trajectory.
“The centre is forecast to service a main trade area upwards of 90,000 locals by 2036 and forms the first stage of a broader town centre precinct. This provides exposure to a sustained residential development and population growth across Melbourne’s west, supporting the potential for income growth as the catchment matures.”
Mr Occhino said the defensive characteristics of everyday retail were increasingly relevant in a higher interest rate environment.
“As consumers become more deliberate about discretionary spending, demand for everyday essentials remains resilient as we’re seeing across our portfolio. Supermarket sales and footfall reinforce the through-cycle characteristics we look for in high-quality, non-discretionary retail assets.”
The acquisition follows QIC’s purchase of The Albany Crows Nest on Sydney’s lower North Shore in December 2025, building on an established everyday retail portfolio comprising:
- Pittwater Place (Mona Vale, NSW) - convenience centre in Sydney’s Northern Beaches, anchored by a supermarket with 3 mini majors, 22 specialties, 5 kiosks and 11 first-floor office tenancies
- Big Top Shopping Centre (Sunshine Coast, QLD) - convenience centre anchored by a supermarket and entertainment complex with 6 mini majors and 49 specialties
- Kippa-Ring Shopping Centre (Moreton Bay, QLD) convenience shopping centre anchored by a supermarket with 3 mini majors, 34 specialties and 6 kiosks
- The Village Upper Mount Gravatt (Brisbane, QLD) - convenience centre anchored by a supermarket with 32 specialties and 4 office suites
- Forest Lake Shopping Centre (Brisbane, QLD) – sub-regional shopping centre anchored by three supermarkets and a discount department store
- Nerang Mall (Gold Coast, QLD) - convenience centre anchored by a supermarket with 3 mini majors and 37 specialties
With two acquisitions completed in less than 12 months, QIC continues to progress a high-quality pipeline of convenience retail opportunities, maintaining a disciplined approach to pricing as it builds scale across the portfolio.
For 35 years, QIC Real Estate has built a track record as a specialist manager with demonstrated capability in driving investment performance through active management and a performance mindset. Our diversified A$13.5 billion portfolio comprises some of Australia’s busiest retail destinations, convenient neighbourhood centres, office and mixed-use precincts. We invest in, develop and actively manage places to create enduring value for our clients and the communities they serve.
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