Revelop has snapped up a small shopping centre in Victoria’s Latrobe Valley.
West Place, in Churchill, contains 4703 square metres of gross lettable area, anchored by Woolworths.
There are also 13 specialty tenants, one occupied by Australia Post.
The site contains 179 car parks.
JLL’s Stuart Tayor, Tom Noonan, David Mahoo and MingXuan Li were the agents.
“Neighbourhood centres continue to transact at volume significantly above the long-term average regardless of broader economic challenges, lockdowns or border closures,” the agents said.
“The stable income profiles and high rent collections of the asset class continue to drive activity,” they added (story continues below).
Churchill is about 10 kilometres south of Morwell and twice that distance south east of Moe.
Last June, the Parramatta backed Revelop paid $6.25m for a Turramurra clinic leased as Greencross Vets Ku-Ring Gai.
Three months earlier it paid $35m for an unrenovated shopping centre in Newtown, on the Adelaide foothills.
That deal was with Con Makris, South Australia’s richest man.
More to come.
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