QIC sells Pakenham Place

Last month, QIC sold Home+Life Robina for $66m to Primewest.

QIC has quietly sold Pakenham Place, in Melbourne’s south-east, to Leaf Corporation and BANCO Group.

The local purchasers, paying a speculated c$30 million, have announced a refurbishment after securing Aldi to a recently vacated Target space.

Leaf Corporation and BANCO Group are proposing a major renovation at Pakenham.

Coles has also re-committed.

Woolworths, which once had a supermarket at the centre, still rents a pod site for a service station.

Pakenham is 53 kilometres from the city.

Pakenham Place

On about five hectares at 67-79 Main St, the 15,879 sqm Pakenham Place was developed in 1984.

It contains 30 specialty stores, a medical centre, service station and 750 car parks.

QIC acquired it in FY17.

It previously sold to LaSalle Asset Management for $39.8m in 2013.

That vendor, Lendlease, paid $60.5m in 2006 (story continues below).

A proposed food and outdoor dining precinct.

Leonora Properties acquired it for $6.5m in 1992.

Teska Carson’s Steve Fein and Sam O’Connell are managing the leasing campaign for the new owners.

QIC sell-down continues

Last week, QIC sold Watergardens Homeplace, in Melbourne’s north-west Taylors Lakes, to Harvey Norman for $97m.

Not long earlier it banked $30m from Keylin Group and Kinstone Investments for the 47.8 hectare Coomera Town Centre block, north of Surfers Paradise.

Also on the Gold Coast, the Queensland manager offloaded Home+Life Robina, to Primewest, for $66m.

Next to this, the investor traded Bunnings Robina for c$30m, in December.

Five months ago the group reaped $48m trading the Marsden Shopping Centre, south east of Brisbane, to Home Consortium’s HomeCo Daily Needs Trust.

In the priciest deal for 2019 – QIC sold Dexus a collection of assets at 80 Collins St, Melbourne, for $1.47 billion.

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Marc Pallisco

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