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Lend Lease and the Lend Lease managed Australian Prime Property Fund Retail (“APPF Retail”) today announced they have purchased a major development site designated as a regional town centre with residential opportunity. The end value of the mixed use town centre is estimated at approximately A$400 million.
The site was acquired 100% from Valad Property Group for A$73.5 million.
The 65-hectare site is located 25 km north of the Melbourne Central Business District in a rapidly growing area, as identified under the State Government’s planning strategy “Melbourne 2030”, and will attract extensive trade from the surrounding rural and suburban areas. Craigieburn town centre will be directly accessible via the M31 arterial.
The acquisition represents a substantial opportunity for a new sustainable development through the creation of a vibrant mixed use town centre. The site has potential for a shopping centre and associated mixed use development of approximately 50,000 sqm and approximately 400 new residential homes.
Lend Lease Retail & Communities CEO, David Hutton said: “This is a unique opportunity to create a quality vibrant new town centre at Craigieburn, working closely with Hume City Council.
“When complete, the town centre will provide an integrated offering for the community with the combination of major retail, commercial, residential and community facilities. Delfin Lend Lease has been active in Craigieburn since 1999 and has developed 3,000 residential lots to date. The Craigieburn town centre will provide us with the opportunity to continue our strong working relationship with the community and Hume City Council,” he said.
Tarun Gupta, CEO Lend Lease Investment Management Australia, said: “Quality regional retail assets with the capacity to be expanded are rare. We are pleased to be able to offer our wholesale investors exposure to this retail development opportunity.
“To be part of a unique and vibrant town centre will provide APPF investors with an asset that will meet the market’s expanding needs and allow for the capture of strong market growth, thereby enhancing long term investor returns.
“This transaction demonstrates the benefits of Lend Lease’s end-to-end integrated property model” Mr Gupta added.
The Craigieburn town centre will be a great opportunity for the Lend Lease Group to showcase its integrated skills, providing residential, retail, investment management and design and construction expertise. Lend Lease will also undertake the property and development management of the project.
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