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 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.
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.