Modern west Melbourne shopping centre sells
Glen Gala Village Shopping Centre, in Melbourne’s west, has sold for the second time in just over three years.
Worth a speculated $11 million, the deal for 475 Fitzgerald Road, Sunshine West, was brokered off market.
The seller paid $15m.
The property also traded in 2017.
Glen Gala Village
Salta developed Glen Gala Village, on 1.02 hectares also exposed to the Western Ring Rd, in 2010.
With 3675 square metres, Supa IGA was the anchor.
There are also 12 specialty stores and 115 car parks.
The buyer is a value-add investor said to have been active in the market several years.
“Just three Victorian neighbourhood centre sales have been announced year to date, with a notable decline in part due to no sale and leaseback centres from Woolworths or Coles coming to market,” Colliers’ Tim McIntosh, who brokered the deal with Will Heffernan, added.
“This has translated to significant pent up demand and is reflected in Victorian shopping centre yields remaining the sharpest across all states and territories,” according to the executive.
Sunshine West is about 14 kilometres from town.
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