Charter Hall and ID_land have sold the 2.2 hectare site set to way for the Truganina Central Shopping Centre, part of the Elements housing estate which they are co-developing in Melbourne’s mid-west.
A local investor has picked up the permit-ready block for $9.6 million.
The land is earmarked to become a 7390 square metre retail and commercial investment containing a supermarket, leased to Coles for an initial 15 year term – with options to stay on for up to 30 years.
Liquorland is also committed to the complex (artist’s impression, top and bottom) which will include about 20 speciality stores and a car park.
Upon completion, the building is expected to be worth about $50 million.
As well as residents within the Elements estate, Truganina Central is expected to service those living within Stockland and Villawood communities also under construction in the suburb.
Truganina is about 22 kilometres west of town.
Traditionally an industrial area, large vacant tracts of land have been making way for housing estates, especially since 2000.
Marketing agency CBRE promoted that the suburb’s median house price has risen 70 per cent over the past eight years (it is now $580,000, according to Real Estate Institute of Victoria data).
Mark Wizel, Justin Dowers and Kevin Tong represented the vendors.
The brokers said they fielded 150 enquiries which resulted in 17 offers.