Chinese investor snares Pakenham mall

Village Lakeside occupies a 1.12 hectare Comprehensive Development zoned site.

A Chinese investor, in their maiden Australian deal, has snapped up a small shopping centre in Melbourne’s south east Pakenham.

The Di Rienzo family paid $50 million for Officer’s Arena Shopping Centre.

Village Lakeside – with a Coles, 10 specialty stores and 180 car parks – is trading for c$25 million reflecting a 5.4 per cent net passing yield.

MPG Funds Management was the seller; it outlaid $12.85m in 2006 for the MPG Retail Property Trust.

The complex was renovated two years ago.

The deal comes seven months since the Arena Shopping Centre, on 2.97 hectares in neighbouring Officer, traded to fruit and vegetable wholesaler the Di Rienzo family, via a company, Arenagold, for $50m reflecting a 5.21pc return.

Stonebridge’s Kevin Tong and Justin Dowers were those agents.

In 2021, meanwhile, QIC divested Pakenham Place, on five hectares, to Leaf Corporation and Banco Group for a speculated $30m.

With 15,879 sqm, that asset is anchored to Coles and Aldi (story continues below).

Village Lakeside

At 9-27 Lakeside Boulevard, two holdings from the Princes Freeway, the fully leased Village Lakeside contains 3551 square metres.

JLL’s Stuart Taylor, Tom Noonan and MingXuan Li marketed the 1.12ha site’s development upside, being zoned Comprehensive Development.

With their deal, they added, Chinese investors have acquired three of the last five Victorian neighbourhood malls listed for sale.

“The sale price reflects an excellent outcome for our investors,” MPG director, Brett Gorman, said.

“The completion of the transaction builds upon our track record of executing on our clear investment strategies, including strategic divestments,” according to the executive.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of