Oreana sells Tarneit Square pieces off the plan
Steven and Tony Sass have sold four strata titled components of the Tarneit Square commercial complex, in Melbourne’s west.
Via their Oreana Property Group, the brothers reaped $18.2 million off-the-plan – a blended 5.62 per cent yield – from a local family.
Covering 9502 square metres at the north west corner of Sayers and Tarneit roads, the investment includes a childcare centre leased to Aspire Learning, a BP service station and a specialty food retailer (Pizza n’ Beyond).
It also contains a Carl Jnr run by a different franchisee to the one which collapsed last year, resulting in the closure of 24 national restaurants.
Area Codes’ Jet Saliu and Arton Meka were the agents.
Oreana sheds more shops
Tarneit Square will contain seven more commercial components – predominantly retail, and 71 townhouses.
The deals follow Oreana just banking $64.5m from the near new Kallo Town Centre, in Melbourne’s north (story continues below).
That buyer was Region Group on a 5.98pc yield.
Stonebridge’s Justin Dowers and Kevin Tong were the agents.
The Sass brothers also made headlines last October, paying $61m for three neighbouring clifftop properties overlooking Sorrento Pier including the c1870 Hindson House which is expected to be restored and extended.
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