GPT has sold the Highpoint Homemaker Centre for $80.5 million.
The 21,268 square metre complex at 179 Rosamond Road replaced the former Maribyrnong Sunset Drive-in theatre.
On a 4.6 hectare site Commercial 1 zoned parcel, the property was marketed to developers as well as investors.
Nearby, an apartment tower rising 18-storeys has been developed. Medium density residential projects also abut the Highpoint Homemaker Centre on sites along Wests Road.
The marketing agents confirmed the property sold when contacted. Brokers Mark Wizel and Justin Dowers of CBRE with Stonebridge Property Group’s Carl Molony and Lincoln Blackledge represented the vendor.
It is trading to an as yet undisclosed private investor.
GPT recently seized full control of the enormous Highpoint Shopping Centre across the road from the property it has just offloaded.
Vacant tracts of the Highpoint Shopping Centre, as well as airspace over existing buildings, are mooted to make way for high rise construction in coming years.
About 200 metres away, the federal government’s Department of Defence recently listed a 127.7 hectare site – known locally as the Maribyrnong explosives factory.
Targeted to residential developers, it is speculated the government property, 2 Cordite Avenue, could trade for between $200 million and $300 million.
Any incoming owner would need to remediate the majority of the land which is still contaminated from its use producing bombs, mines, detonators and hand grenades for 84 years until 1994.