IOOF, MLC refill LFR investment
MLC Asset Management has plugged a 1200 square metre vacancy at a large format retail investment in Melbourne’s east – managed for IOOF, which bought it mid-last year.
With the deal to Sydney Tools, the Chirnside Lifestyle Centre at 266-268 Maroondah Highway is full.
The asset was the maiden Victorian investment for the AM Property Plus Trust, part of the Direct Property Portfolio.
IOOF paid $50 million – reflecting a 5.3 per cent yield – for the then six month old, fully leased, 11,000 sqm asset, promoted for its 7.7 year weighted average lease expiry.
Vendor, Troon Group and MaxCap snared the 3.5 hectare block which made way for the complex for $14.3m in 2020.
Rent uplift
Sydney Tools is paying 20pc more than the outgoing tenant for the Chirnside Lifestyle Centre space (story continues below).
Leedwell’s Chris Parry, Tom Perkins and Nick Segran are the leasing agents.
The complex also contains 286 car parks.
Five years ago, the parcel was earmarked for a Kaufland – before the Germany based retailer made the surprise decision in early 2020 not to open in Australia.
Chirnside Park is 32 kilometres from Melbourne’s CBD.
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