Citimark is believed to have paid more than $9 million for the collection of former industrial buildings, which back onto a major car park and a full-scale Safeway supermarket. The site has a wide frontage to Albert Road, but is also accessed by Saxon Street and major shopping hub Sydney Road.
CB Richard Ellis associate director Walter Occhiuto confirmed the site sold when contacted by Capital Gain, but declined to elaborate on any part of the deal.
Citimark’s only other Melbourne development is the 15,000 square metre Mornington Peninsula Shopping Centre in Somerville, which is under construction and due to open in mid 2008.
The majority of its other major developments, which includes commercial office buildings, and industrial warehouses are in Brisbane.