Stockland sells Tooronga Village to Newmark Capital for c$64 million

EXCLUSIVE

Stockland has sold shopping centre Tooronga Village, in Melbourne’s Glen Iris, for a speculated price of about $64 million.

The buyer is Newmark Capital, which controls a large and diversified portfolio including South Yarra’s Como building and Jam Factory retail and entertainment complex.

Last year, Newmark paid $135 million to Vicinity Centres and Telstra Super for the Brandon Park shopping centre in Wheelers Hill, about 23 kilometres south-east of Melbourne’s CBD.

The 8973 square metre Tooronga Village – like Brandon Park – has mixed-use redevelopment potential, utilising airspace.

Tooronga Village in Glen Iris includes 8973 sqm lettable area over two levels.

Tooronga Village occupies a 0.9 hectare site on the south-east corner of Toorak and Tooronga roads, this intersection also being the Hawthorn East suburb border.

Its catchment captures the exclusive suburbs of Hawthorn, Camberwell and Toorak.

Anchored by a Coles supermarket, the two-storey complex includes 31 speciality shops and 488 car parks.

Its fully let net income is estimated at about $4.535 million, according to the CBRE marketing agents Mark Wizel, Justin Dowers, Trent Weir and Kevin Tong.

Stockland last published the value of the asset, in December, 2018, at $62.3 million.

In a statement today, a spokesperson confirmed the exchange of contracts for Tooronga Village.

The Tooronga deal comes five months after Stockland said it would offload $1 billion worth of non-core retail assets to focus on logistics and industrial real estate.

As has been widely conveyed in the media since April, retail assets worth more than $11 billion are presently for sale in Australia.

Today, we reported another major shopping centre deal: ISPT acquiring the half-share it didn’t own of the Waurn Ponds Shopping Centre, in Geelong, from Australian Unity, for a price speculated to be more than $140 million.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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