Melbourne growth corridor homemaker centre sold
Griffith Group has sold another commercial piece of a major housing estate ex-footballer Fraser Brown is developing in Melbourne.
The year-old Meridian Village Lifestyle Centre on 8047 square metres between Thompsons Road and Titan Drive, also with an entrance at Matterhorn Dve, Clyde North, traded for $18.65 million – a 5.63 per cent yield.
The deal comes nearly seven months since we reported luxury car dealer Nick Theodossi bought the property next door, 7 Matterhorn Dve, with a Nido childcare centre and Dan Murphy’s, for $18.05m.
In December Griffith Group sold the property next to that (11 Matterhorn Dve), with a Guzman y Gomez, for $5.9m.
The assets form part of the master-planned Meridien Village estate, being delivered by Mr Brown’s Brown Property Group, with over 3000 dwellings.
Meridian Village Lifestyle Centre
The Meridian Village Lifestyle Centre block, with 85 car parks, is zoned Urban Growth.
With 2725 sqm of showroom space, it is occupied by Australia Post, Jaycar, Nutrition Warehouse, Petbarn and Supercheap Auto (continues below).
The net operating annual income is $1.05 million.
The weighted average lease expiry is 6.6 years.
Stonebridge’s Justin Dowers, Kevin Tong and Rorey James were the agents.
“Large format retail continues to be one of the strongest-performing segments of the retail investment market with more than $1 billion of transactions recorded over the past 12 months and sustained competition from both private and institutional capital, further demonstrating the depth of demand,” they said.
Clyde North, part of the Pakenham growth corridor, is about 48 kilometres south-east of Melbourne’s CBD.
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