Brian Dorman lists town centre mall, sites
Regis Healthcare co-founder Brian Dorman has listed a near new Woolworths anchored mall and two adjoining development sites opposite Mernda station, in Melbourne’s north.
The executive can expect over $100 million for the 18.3 hectare amalgamation, available as a whole or in parts.
He picked it up – then 26.4ha – as part of a consortium, Occasio, also with Craig Jensz, who established Lion Advisory, and Ray Zelouf, from Woolworths’ development arm Fabcot in 2021.
The listing comes seven months since Mr Dorman acquired a Richmond showroom neighbouring another asset he owned – all up giving him 1.3 acres with long term development upside.
The three sites
Three properties form part of the Mernda offering.
The shopping centre on the south west corner of Bridge Inn and Station roads, with 9784 square metres and 470 car parks, returns annual rent of $3.65 million.
This component also includes three undeveloped pad sites, all up offering 6561 sqm.
A second offering – a 12.19 hectare mixed use block occupies an island parcel bound by Bridge Inn and Plenty roads, Flourmill Drive and Riverdale Rd – can accommodate residential, offices and further retail.
The third property, a 2.49ha holding abutting the Whittlesea Community Hospital, which Lendlease is building on what was once the Fabcot holding, can make way for commercial or essential services product (story continues below).
Best years coming: agents
Stonebridge’s Julian White, Justin Dowers and Kevin Tong are marketing the parcels: 610A Bridge Inn Rd, 1410D and 1410C Plenty Rd.
“Since acquiring the property, the current owners have invested significant capital expenditure by way of road and civil infrastructure to create the three super lots, removing all future Development Contributions and Public Space open requirements, as well as de-risking delivery of the balance of the site sustainably,” Mr Dowers said.
“The recently completed Woolworths anchored neighbourhood shopping centre has been delivered to an incredibly high standard and has demonstrated first year trade well beyond its age,” according to the executive.
Mr White added the suburb’s growth has been rising 8.4pc since 2011.
“This has created a shortfall in retail capacity…as well as demand for higher density residential opportunities,” he said.
“Both uses can be accommodated on the site and the existing fundamentals such as the adjoining train station further support the future success”.
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