Brookfield Multiplex Sells Highett Shopping Centre Development Site

Sources say a Melbourne-based development consortium will proceed with plans to build a $50 million shopping centre, and medium density apartment complex on the 1.11 hectare Highett Road site, opposite the Highett train station, between Moorabbin and Cheltenham.

The site was sold with a development permit, and a major retail pre-commitment to supermarket giant Safeway, which will lease about 4,052 square metres of the 7,800 square metre centre. The development also has provisions for 115 apartments, and a total of 460 car parks.

Jones Lang LaSalle selling agents Stephen Bolton and Steve Messina declined to comment on any part of the deal when contacted by Capital Gain. A “sold” sticker appeared on the marketing board at the site this week.

Local agent sources say the purchaser is a development consortium led by Buildcorp. Representatives from Buildcorp, and Brookfield Multiplex, failed to return calls.

The Highett site was once owned by prominent local developer Peter Gillon, whose company Gillon Group and joint venture partner Abacus Property Group, are building a $38 million shopping centre in North Brighton.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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