Angelo Property Group has sold the second of two adjoining Greensborough assets it picked up in 2019 from Blackstone, which owns the nearby plaza.
The 838 square metre retail investment, formerly three tenancies occupied by Amcal, Cash Converters and a sewing store, now almost entirely rented to First Choice Liquor which is set to open later this month, collected $7.4 million at auction on Tuesday – a 4.7 per cent yield.
“The buyers were attracted to the ability to own a Coles covenant in addition to the metropolitan location with the train station and medium density developments nearby,” he added.
“What our team noticed in particular was that Asian capital which is relatively newer to commercial property was much more aggressive than capital that has been in the country for a longer period of time,” according to the executive.
The disposal comes 10 months since APG with Rathstation Group outlaid close to $30m for the Mornington Village Shopping Centre on 1.21 hectares with plans for a revamp expected to include high density residential.
The pair also hold Fitzroys’ Woolworths Metro and a Sunshine development site earmarked for a mixed use project, The Hampshire, with 120 apartments (story continues below).
Founded four decades ago by Ange and Georgina Angelo, APG picked up the Greensborough property, on 1568 sqm at 96-104 Main Street (pictured, top, with superimposed First Choice Liquor logo), for $5.61m.
It had not long earlier acquired the neighbouring Savers anchored homemaker centre, 106-126 Main St, again from Blackstone, outlaying $10.9m.
On 5790 sqm at the corner of Para Rd, that property recently sold for $27m permit-ready for a 22 level Build to Rent investment with c300 dwellings.
Both properties are opposite the 6.64ha Greensborough Plaza, which Blackstone acquired from Lendlease’s Australian Prime Property Fund Retail in 2013 for $360m and unsuccessfully tried to sell last year for over $420m.
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