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Written by Marc Pallisco
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Friday, 22 January 2010 20:59 |
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AUSTRALAND will build its first Greenfield retail project, in the outer Melbourne north-western suburb of Taylors Hill.
The developer, which is best known for its residential, industrial and office projects, has sold an unbuilt shopping centre- part of its Taylors Hill housing estate – for $23 million, to a group of Melbourne private investors.
The 5,300 square metre Watervale Shopping Centre sold on an estimated yield of about 8 per cent, according to the AFR, which reported the deal.
About 30,000 residents are expected to call Australand’s adjoining housing estate home, upon completion. Australand’s biggest shareholder is South-East Asian’s CapitaLand.
Executive director Sean McMahon told the AFR Australand will look to pursuing a similar strategy (of selling the retail component within a housing estate) in another development in Melbourne’s Cranbourne, and a project in Sydney.
Taylors Hill is the name given to a part of Sydenham, near Caroline Springs, Hillside and Delahey.
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