Charter Hall and ID_land sold the 2.2 hectare site earmarked for Truganina Central Shopping Centre.
The land forms part of the Elements housing estate, 22 kilometres west of Melbourne.
A local investor is paying $9.6 million.
The permit is for an 7390 square metre centre anchored by Coles for 15 year term and Liquorland.
It is also designed with 20 specialty stores and a car park.
Upon completion, the property is estimated will be worth c$50m (story continues below).
Truganina Central will service residents at nearby Stockland and Villawood estates.
CBRE marketing agency said the suburb’s median house price has risen 70 per cent since 2011 (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 17 offers were received.