Oreana sells year old Melbourne shopping centre
Oreana has sold a year old shopping centre within a Kalkallo estate replacing the Lockerbie sheep station, north of Melbourne.
The 7000 square metre Kallo Town Centre on 2.15 hectares at the south west corner of Cloverton Boulevard and Toyon Road, is collecting $64.5 million from ASX-listed Region Group, formerly the SCA Property Group.

Anchor Woolworths is on a 12 year lease.
There are also 19 specialty retailers, a medical centre/pharmacy, gym, childcare centre and fuel station.
Kalkallo is 30 kilometres from the CBD.
Stonebridge’s Justin Dowers and Kevin Tong were the agents.
Also this month, Oreana sold four strata titled retail investments – a BP, quick service restaurant, childcare centre and specialty food retailer – at Tarneit Square, in the city’s west, to a local family following a deal brokered by Area Codes’ Jet Saliu.
Kallo Town Centre
The Kallo Town Centre deal reflects a 5.98 per cent net passing yield (story continues below).
Oreana will tip proceeds into residential development projects including at Brisbane’s Morayfield and North Ellenbrook, in Perth.
“This [Kallo Town Centre] transaction reflects Oreana’s focus on delivering high-quality projects that attract strong market interest,” managing director, Tony Sass, said.
“We’re excited to continue expanding our portfolio with upcoming developments including future neighbourhoood shopping centres at Mickleham, Clyde and Wollert,” he added.
“Neighbourhood shopping centres have shown remarkable resilience and growth in demand post-COVID and Kallo Town Centre’s strategic location in Melbourne’s growth corridor makes it an excellent investment,” according to the executive.
SCA was formed 13 years ago by Woolworths to manage 56 convenience based properties worth a total $1.4 billion.
Ownership was transferred to SCA in late 2012 when it was listed on the ASX.
The Region name change happened just over two years ago.
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