QIC expands convenience retail portfolio into Victoria

QIC Real Estate has acquired Mambourin Marketplace in Melbourne's west for $53.87 million, making its first convenience retail investment in Victoria as it expands its neighbourhood shopping centre portfolio.

The acquisition of the newly developed, Coles-anchored centre is QIC's second convenience retrial purchase in less than 12 months, following its acquisition of The Albany in Sydney's Crows Nest in December 2025.

Opened in September 2025 by Frasers Property Australia, Mambourin Marketplace spans 7500 square metres and comprises a full-line Coles supermarket, 25 specialty stores and a medical precinct.

QIC Retail Estate Core Plus Strategies fund manager Charles Occhino said the purchase represented a further step in the group's everyday retail strategy, with capital redeployed following recent industrial divestments.

"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," Occhino said.

The centre is positioned to benefit from residential development across Melbourne's west, with its main trade area forecast to exceed 90,000 residents by 2036. It also forms the first stage of a broader town centre precinct.

Occhino said the centre's supermarket anchored income and growing catchment aligned with QIC's focus on essential retail, particularly as higher interest rates place pressure on discretionary spending.

"As consumers become more deliberate about discretionary spending, demand for everyday essentials remains resilient as we're seeing across our portfolio" he said.

The acquisition builds on QIC's existing convenience retail holdings, which include Pittwater Place in Sydney, Big Top Shopping Centre on the Sunshine Coast, Kippa-Ring Shopping Centre and Nerang Mall in Queensland.

QIC said it would continue to pursue further convenience retail opportunities while maintaining a disciplined approach to pricing, as it seeks to grow its portfolio and capture potential income growth from expanding communities.