JLL Australia director Tom Noonan said the Warrnambool site was expected to attract a lot of interest.

"It's in a very central and strategic position within the Warrnambool CBD," Mr Noonan said.

"Retail has been a star performer for the last 18 months through COVID driven by the fact that these stores have stayed open."

Mr Noonan said population increases in regional areas had also resulted in increased interest in commercial properties. He said the centre would be a great investment opportunity, with a long-term lease in place for Target.

Mr Noonan said he was unable to comment on the asking price. However, the most recent valuation of the site was $12.3 million.

"The centre underwent a $6 million refurbishment in 2009 and offers the only undercover parking option in town, which in addition to adjacent public parking, provides a highly convenient shopping experience," Mr Noonan said.

Expressions of interest will close at the end of October.

The portfolio also includes Moama Marketplace in NSW and Woolworths Woodford in Queensland.

JLL retail investments joint head Sam Hatcher said there was expected to be strong interest in the portfolio.

"We expect these offerings to be strongly contested, given their attractive investment fundamentals and the opportunity they provide purchasers of achieving scale in the retail sector, if purchased in one line," Mr Hatcher said.

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