Roxburgh Park’s ex-Masters sold, set for redevelopment
Self storage giant Kennards has paid $35 million for a former Masters store in Melbourne’s north Roxburgh Park.
The off-market deal for 1550 Pascoe Vale Road was with HMC Capital, formerly known as Home Consortium or Home Co.
The seller acquired the property vacant, as part of a $725m portfolio six years ago.
Kaufland was in negotiations to occupy it, before in early 2020 making the surprise decision not to open in Australia after establishing a development pipeline.
Redevelopment planned
Kennards is paying 52 per cent over the December, 2021, book valuation.
Only 1718 square metres – about 15pc of the (11,073 sqm) lettable area – is tenanted (story continues below).
The buyer intends to move into the vacant component while redeveloping the balance of the 5.4 hectare Commercial 2 zoned block with retail and fast food.
Savills’ Peter Tyson, Callum Stenson and Rick Silberman were the agents.
Their deal comes two months since HMC sold Troon Group a 4.3ha Masters-converted retail investment, in east Knoxfield, for $45m.
That asset previously traded within HomeCo divisions for $28m in 2020.
Last September, meanwhile, HMC agreed to pay $21.5m for a 1.1ha mall at Armstrong Creek, between Geelong and Torquay.
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