IP Generation sells Sunraysia’s biggest shopping centre
EXCLUSIVE
IP Generation has sold the Sunraysia district’s biggest shopping centre off-market.
The asset manager, since mid-last year owned by MA Financial, banked $130 million for Mildura Central.
It paid Vicinity $81.1m in April, 2021.
The new owner is Heine Brothers.
Mildura Central
On 7.04 hectares at 831 Fifth Street, Mildura Central contains 20,200 square metres, anchored to Woolworths and Kmart, the latter in a recently updated ex-Target tenancy.
The Sunraysia precinct’s only fully enclosed, air-conditioned mall, it also contains 70 specialty stores.
Adairs, Bed Bath n’ Table, Bonds, Jay Jays, House, JB Hi Fi and Pandora are amongst other occupiers (continues below).
There are also over 2000 car parks.
“[The] trade area extends into three states across distances of up to 100 kilometres with a primary catchment of over 60,000 residents,” the seller promoted to tenants.
The deal comes four months since we reported IP sold Gosford’s Imperial Centre, and a McDonald’s store, part of the Glendale Shopping Centre, near Newcastle.
It also bought Brisbane’s Hyperdome from QIC.
Heine Brothers meanwhile has been steadily boosting its commercial real estate portfolio including in late 2023, with the ex-HQ of taxi group A2B, in Oakleigh, also once a Victorian Sheriff’s office, for $8m, and in 2020 the former Berkeley Apparel warehouse at Sunshine ($22m).
Another Oakleigh site the group owns, 8-20 King St, has recently made way for a small office project – Precinct.
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