Spotlight buys LFR investment
Spotlight Property Group has bought a large format retail investment at Moorabbin Airport.
The sale price for the Moorabbin Retail Centre at 405 Boundary Road is unknown as is the rental return.
It is a leasehold – on 1.22 hectares at the south west corner of Centre Dandenong Rd, it contains 3872 square metres.
Decathlon is the anchor.
National Tiles occupies a space too.
There is also a large customer car park.
405 Boundary Road
Longer term, 405 Boundary Rd could be considered for Spotlight to occupy (continues below).
“The campaign received strong engagement from local and interstate investors, syndicators and owner occupiers with…seven first round offers,” Colliers’ Will Heffernan who marketed 405 Boundary Rd with Tim McIntosh, said.
“Large format retail is increasingly becoming an undersupplied sector, particularly in metropolitan Melbourne with limited new development anticipated in the coming years to offset the ongoing population growth,” he added.
The result reflects a 6.13 per cent initial yield, according to the executives.
The deal comes a month since we reported SPG bought the St Germain office in Toorak from Bill McNee’s Vicland.
Also last month SPG sold Vicland a Chapel St, South Yarra, site, permit ready for a mixed use project with apartments, a hotel and retail.
Subscribe to our newsletter at the bottom of this page.
