Singapore’s Chen family has sold a major seaside shopping centre after owning it 30 years.
In central Mordialloc, 24 kilometres south-east of the CBD, the neighbourhood shopping centre is exchanging hands for $41 million – a low yield of 4.3 per cent.
Mordialloc Plaza, on a 7000 square metre plot at 600 Main Street, includes 4526 square metres of lettable area, fully leased, returning annual rent of $1.8 million. Also with 120 parking bays, the complex is close to a council car park with 48 more.
Like many shopping centres to have hit the market in the past year, this asset was marketed for its potential to make way for a redevelopment including apartments. Mordialloc’s current median house price is $1.15 million – well above the metropolitan average. The population within the Kingston municipality is set to increase 17 per cent, to almost 190,000 residents, by 2036.
CBRE’s Lewis Tong and Justin Dowers with Knight Frank’s Ken Smirk and Tim Grant listed Mordialloc Plaza in April.
In the same week, the local Resofsky family listed the Bellarine Village Shopping Centre in Geelong’s Newcomb with price expectations of about $33 million (it sold for $36.5 million last week).
Last month, three major shopping centres traded, including the Maroondah Shopping Centre in Croydon North (for a speculated price of $18 million), The Village Shopping Centre in Bacchus Marsh ($61 million) and Craigieburn’s Highlands Shopping Centre ($43 million).