MPG doubles down in Dubbo

MPG Funds Management has snapped up another piece of the Dubbo Homemaker Centre.

Stevens Group recently bought into Mirvac and Peet’s proposed Googong Town Centre.

The 850 square metre showroom at 4 Hawthorn Street, completed last month and leased for 12 years to RESA, will be slotted into the group’s Essential Services Trust.

Worth a speculated $4.08 million, the deal comes 16 months since the Melbourne fund manager outlaid $13.3m for three other tenancies at the complex – all up covering 3796 sqm – again for that fund.

Including components sold to other groups (Macquarie Optical amongst them for a $6m investment in 2022), vendor Stevens Group has banked $32.257m from the Dubbo sell-down.

Some of the proceeds might already be accounted for – the Erina based seller recently outlaying $8.75m for a site in Queanbeyan’s Googong, just outside the ACT border (story continues below).

Spreading 1.184 hectares, part of a town centre within a $1.7 billion housing estate, that parcel came permit-ready for a service station, fast food restaurant, childcare centre and large format retail showrooms.

Mirvac and Peet were the sellers.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of