Neighbouring investors unite, sell in Hoppers Crossing
A local investor has swooped on neighbouring large format retail investments near Hoppers Cross station, in Melbourne’s west.
The 1.2 hectare amalgamation – five titles covering 52-64 Old Geelong Road – with 2120 square metres in five tenancies, cost $23.8 million.
Spotlight occupies the smaller asset on a lease expiring in 2031 with two eight year options.
It cost c$9.3m.
The second property is tenanted to, amongst others, school uniform provider, Noone, Peak Health, Tabcorp and VicRoads.
Also with a large car park, on 7172 sqm, it fetched $14.5m ex-GST.
Double deal
Based on the net annual rent when 52-64 Old Geelong Rd was listed last May – $1.347m, the bulk coming for #54-64 ($889,000) – the result reflects a 5.7 per cent yield.
Denman Financial Group, led by Andrew Vallianatos, was one of the sellers.
It is the buyer’s maiden western suburb investment.
CVA’s Charles Cini, who brokered the deal with Ian Angelico, said the agency was initially appointed to market one property.
“Following this, the team engaged the second landlowner and presented the benefits of a combined campaign,” he added.
“Both vendors agreed, unlocking the opportunity to bring the entire site to market – a rare move that elevated buyer interest and maximized value,” according to the executive.
Nine offers came in, the agent said.
“Most of the interest focused on the entire site,” he added.
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