QIC sells Pakenham Place
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.
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).
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.
