Newmark sells Tooronga Village
Newmark Capital has quietly divested a Coles-anchored shopping centre in Melbourne’s leafy east after seven years and selling down five small pieces just after COVID.
The asset manager is banking $79 million for Tooronga Village at the south east corner of Toorak and Tooronga roads, Glen Iris.
Charter Hall is the buyer for its Convenience Retail fund – now worth c$3 billion but with a mandate to grow to $4.5b.
Colliers’ Tim McIntosh and Will Heffernan with Stonebridge Property Group’s Justin Dowers and Kevin Tong brokered the off-market deal.
Five weeks ago we reported Charter Hall was paying Laurence Lancini c$70m for Yeppoon Central, north east of Rockhampton.
Not long earlier, on behalf of the Charter Hall Retail REIT, it sold Bendigo’s Lansell Square held 14 years.
Final slice sold
At the Hawthorn East border, with Toorak in the catchment, Tooronga Village replaced a shopping centre and open-air car park with sports fields Coles sold to St Kevin’s College in 2013, and apartments, built by Stockland (in 2012).
The mall, also completed by Stockland, contains c7725 square metres over two floors (continues below).
As well as the supermarket there are two mini-majors, 20 specialty stores and a car wash; prior to COVID there were over 30 specialties.
Amcal and Petstock are amongst the other occupiers.
There are also 488 car parks, including in a basement car park, offering three hours free.
The site spreads c9000 sqm.
Newmark, led by ex-AFL player Chris Langford, paid Stockland $63.2m.
At the time – and today – the asset is considered one of Coles’ strongest performing stores.
Between 2021 and 2022, Newmark divested five strata titled lots for a total $7m, distributed to unitholders.
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