Lowy family returns to retail sector with major Melbourne mall
The Lowy family is making a return to the retail sector after nearly a decade – via Melton’s biggest mall.
The 27.3 hectare Woodgrove shopping centre in Melton West, is costing Assembly Funds Management, which it backs, nearly $440 million.
Expectation was market-value – c$500m – when QIC listed it in October after 27 years.
Colliers’ Lachlan MacGillivray with JLL’s Sam Hatcher and Nick Willis were the agents; an expressions of interest campaign for 533 High Street, at the south west corner of Coburns Road, closed on February 28.
The deal comes eight years since Sir Frank Lowy, 94, sold the last of his major retail assets, via Westfield Corporation, to France’s Unibail-Rodamco (now Unibail-Rodamco-Westfield) for $32 billion.
Also about that time the executive divested his stake in SCentre Group – which holds other Westfield branded malls – which he co-chaired.
The family’s interest in AFM is via sons David, Peter and Steven.
Alceon is also a backer.
Ex-Westfield leader Michael Gutman is the chief executive officer.
Woodgrove is 38 kilometres west of Melbourne’s CBD (story continues below).
QIC sheds mall after 27 years
The Melton West asset includes the smaller Coburns Central, occupying the high-profile corner, which QIC bought for $26m in 2015, and a standalone medical centre.
All up with 155 tenancies in 55,911 square metres – it is one of 11 Australian shopping centres to be triple anchored to the key supermarkets, Aldi, Coles, Woolworths.
Big W, Kmart, Harris Scarfe and Readings are major occupiers too.
It was last modernised in 2023, including to its exterior at a cost $1.8m.
The agents promoted the amalgamation’s significant development upside – at least four hectares immediately, without eating into the 2500 car parks.
The address is at the centre of a growth corridor – presently with a catchment of 172,100, set to rise o over 290,000 in 15 years – they added.
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