Forza Capital and Jayland have picked up a large format retail investment and neighbouring block of land at the busy south east corner of Cooper and High streets, in Epping.
Also near the train station – giving both assets high density residential development potential – the 9.124 hectare holding was offered by HomeCo Daily Needs REIT.
Combined, the assets collected $70.25 million.
JLL’s Stuart Taylor and Tom Noonan were the agents; the deal was struck off-market.
Epping, a major activity centre increasingly being marketed as the capital of Melbourne’s north, is 20 kilometres from town.
Formerly HomeCo Epping and before that, Epping SuperCentre, Epping Hub, on 7.48 hectares at 560-650 High St contains 22,038 square metres occupied by, amongst others, Chemist Warehouse, Officeworks and Centrelink.
The Weighted Average Lease Expiry is short – 1.7 years (story continues below).
This is a plus for Forza, which intends to extend and introduce alternative uses.
“The Epping property was identified as a strategic landholding with low site coverage and planning controls that support more intensive mixed-use development,” Forza director Ashley Wain said.
“Forza Capital raised $48m in equity from its client base of high net worth investors and intends to embark on a strategy overhaul of the asset including the construction of additional floorspace and improvements to the tenancy mix,” he added.
Jayland, which is acquiring an undeveloped 1.6ha portion neighbouring the complex, is also expected to build, with a residential project.
HomeCo Daily Needs REIT chief executive officer Sid Sharma said the $70.25m price was two per cent over book value.
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