Melbourne lifestyle centre fetches $32m
A prominent homemaker centre with high density residential development upside, eight kilometres from Melbourne’s CBD, has sold, for $32 million.
The off-market deal for 98-108 Hampstead Road, Maidstone, speculated to be to the Velardo family, reflects a 4.49 per cent passing yield.
On 1.9 hectares at the south-west corner of Williamson Rd, which in this part of town is the Maribyrnong border, and within a commercial hub feeding off the nearby Highpoint shopping centre, near a Bunnings, the complex contains 8072 square metres in eight tenancies.
Operating as the Highpoint Lifestyle Centre, occupiers include 99 Bikes, Baby Bunting, the Salvos and Supercheap Auto.
Annual income is $1.436m with one store to fill.
Identified in the Maidstone Hampstead Road East Framework Plan for higher density development, it could yield a multi-building, apartment-based mixed-use project.
Up to 600 dwellings could be considered, the agents said (continues below).
Sub-five per cent yield…again
The vendor, an Appel family-backed investment group, paid $25.5m – a 4.75pc yield – in 2019.
It was represented for the on-sale by Ray White Retail’s Rick Silberman.
The western suburb complex is about a kilometre from Highpoint, fully-owned by GPT since buying out the Besen family – owners of the Sussan Group – in 2017. GPT has since advanced plans for dozens of residential, office and hotel towers above the shopping centre.
Opposite that is the Highpoint Homemaker Centre, built on the site of the ex-Maribyrnong Drive-in Theatre, which GPT sold in 2018 for $80.5m also to the Velardo family’s Velpoint Property Group.
Subscribe to our newsletter at the bottom of this page.
