MAB sells new large format retail complex
MAB Corporation has sold another piece of its Element Park estate, in Melbourne’s outer south east.
The new Clyde North Convenience and Showroom Centre at the north east corner of Berwick-Cranbourne Road and Selenium Way, collected $21.8 million from a local private investor.
The price reflects a 5.75 per cent initial yield.
With 4216 square metres, occupiers include National Tiles, Red Rooster and Total Tools.
EG Ampol trades from a standalone building on the south edge of the 1.16 hectare holding.
JLL’s Stuart Taylor and Tom Noonan were the agents.
MAB sells another piece of Element
MAB bought the 38ha site making way for Element Park 10 years ago; the northern boundary is Thompsons Road.
In 2017, the developer sold a 3.8ha piece to Bunnings for a store divested with a leaseback in 2019.
Coincidentally, that buyer, Charter Hall, sold it three months ago to Schiavello.
Element Park also includes bulky goods retail, an Aldi supermarket and industrial.
“Syndicator capital was notably competitive right up until the close [of the expressions of interest campaign] but ultimately, private investors were able to move unconditionally which proved decisive in the end result,” Mr Taylor said.
It is the first on-market listing of a metropolitan Melbourne multi-tenanted large format retail asset since 2023, he added.
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