Highpoint Homemaker Centre for sale

The GPT Group has listed a retail asset built on the site of the Maribyrnong Sunset Drive-in, which closed in 1990.

Highpoint Homemaker Centre is expected to sell for between $75-$80 million.

Based on the net income, that value reflects a 6.25 per cent-plus yield.

On 4.6 hectares, 179 Rosamond Road includes 19 outlets with 21,268 square metres of area, and a large car park.

The Commercial 1 zoned site has development upside; the area’s preferred height limit allows up to 10 floors.

The holding is opposite Highpoint Shopping Centre, which GPT controls after last year paying the Besen family $680m for the stake it didn’t own.

CBRE’s Mark Wizel and Justin Dowers with Stonebridge Property Group’s Carl Molony and Lincoln Blackledge are marketing the homemaker centre.

Maribyrnong is about eight kilometres north-west of Melbourne.

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Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au