Australand Sells Undeveloped Taylors Hill Shopping Centre For $23 Million

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.