Occasio buys into Mernda Town Centre

The estimated end value of the Mernda Town Centre development is put at $500m.

Occasio Projects has picked up the Mernda Town Centre development from Woolworths.

The 26.4 hectare property includes a shopping centre, which is under construction, and land earmarked for residential product, of varying densities.

The retail centre alone is costing $110 million.

Occasio is backed by three shareholders for the deal – company founder, Ray Zelouf, Regis Healthcare co-creator Dorman Capital and Jensz Investment Company, owned by Craig Jensz, who established Lion Advisory.

The partnership will call on investors to participate in completing the project in stages over the next five years.

Shops and residential

The shopping centre – with a full-line Woolworths and 35 specialty stores – is due for completion in 2022.

More commercial space – including an entertainment precinct – is earmarked for other components of the site (story continues below).

The holding includes the historic Mayfield Farm, which the City of Whittlesea had earmarked for a learning and wellbeing facility.

Upon completion, it is expected to hold real estate with and end value of c$500m.

“Occasio provides both debt and equity solutions across its portfolio and we are progressively playing a more active role as development partner across a growing number of these investments,” Mr Zelouf said.

“Investors will have the opportunity to participate in a high-quality asset in Melbourne’s northern growth corridor, which will benefit from sustained population growth and rapid development,” he added.

The site is located on the south east corner of Bridge Inn and Plenty roads.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.