Centro sells Heidelberg shopping centre

Warringal Shopping Centre in Heidelberg has sold to private investor Tagon for $30 million.

The single storey complex on Burgundy Road contains 11,722 square metres of lettable area.

It is the latest retail investment offered by Centro, which paid $11.4m in 2001.

The shopping centre’s December, 2008 book value was $32.9m.

Tagon, led by Leonard Kipen, is picking it up on an 8.9 per cent market yield.

Other Victorian Centro’s to recently sell include Ringwood (for $39m), Hamilton ($17.25m), Rosebud ($12m) and Meadow Heights ($12.5m).

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Marc Pallisco

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