Retail assets east and west of Melbourne listed for sale this week
Two major retail investments east and west of the Melbourne CBD have hit the market.
In Narre Warren, an heir to the Kuwaiti throne is set for a $70 million-plus payday offloading bulky goods complex, Casey Lifestyle Centre (pictured, top).
The fully leased retail complex with 18,000 square metres of lettable area returns annual rent of $4.1 million.
The vendor is Action Group Australia, a subsidiary of a family-run investment vehicle with Sheikh Mubarak Al-Sabah as its vice chairman, according to the AFR, which first reported the listing.
Action Group Australia paid $28.6 million for the investment covering 430-440 Princes Highway and 1-9 Regency Drive, in 2016.
Spreading a 6.3 hectare site – about a third of which is vacant land – Casey Lifestyle Centre is about 45 kilometres south-east of the CBD. It is being marketed by JLL’s Stuart Taylor and Tom Noonan.
On the other site of the city, in the regional town of Geelong, Australian Unity is also offering a retail investment for sale. Its half-share of the Waurn Ponds Shopping Centre, some 75 kilometres south-west of the CBD, could achieve a price of about $180 million following a campaign managed by Colliers International’s Lachlan MacGillivray.
Waurn Ponds Shopping Centre (pictured top, left), considered Geelong’s biggest shopping centre measured by annual turnover, according to Mr MacGillivray, was refurbished in 2014.
The offering includes 6.5 hectares of land zoned Residential Growth.
Last week realestatesource.com.au reported that Australian Unity offloaded an industrial asset in Melbourne’s Springvale, which had an October 2017 book value of $13.25 million.
