Melbourne Large Format Centre Sells for $80.5 million

Stonebridge and CBRE are pleased to announce the sale of Highpoint Homemaker, Maribyrnong VIC for $80.5 million to a Victorian based private investor. The sale reflects a yield of 6.26%.

The 21,272 sqm single level large format retail centre is located 8 km north west of the Melbourne CBD in the high growth suburb of Maribyrnong. The Centre is located opposite Highpoint Shopping Centre which will be the second largest shopping centre in Australia once the most recently proposed extension is complete. Highpoint Homemaker Centre sits on a large Commercial 1 zoned site and forms part of the Highpoint Activity Centre which designates a preferred height limit of 6 to 10 levels, providing medium to long term flexibility to the incoming purchaser.

Stonebridge Director Carl Molony said, “The opportunity was extremely well received by the market, with 14 first round offers received and a competitive second round process resulting in an unconditional exchange with no formal due diligence period. The transaction reiterates our view that demand is very strong for retail assets on versatile land holdings in metropolitan locations”.

The sale of Highpoint Homemaker follows the sale of King Street Wharf in Sydney for $125.5 million by Stonebridge in November 2018.

For a copy of the sale analysis or further information, please contact Stonebridge on +61 2 9254 9900.

Latest news

May 2019
For Sale: Dominant LFR Centre in the heart of Western Sydney
Homemaker Prospect – A Dominant and Established Large Format Retail Centre on a substantial 6.5 hectare land holding in the Heart of The Greater Western...
Read More
April 2019
Stonebridge Appoints Neil Proudlove, Director of Property Management
Stonebridge Appoints Neil Proudlove, Director of Property Management Stonebridge Property Group has bolstered its retail Property Management team with the appointment of Neil Proudlove as...
Read More
April 2019
Canberra Retail Investment Market to Face Rare Test
Manuka Terrace Shopping Centre offered for sale – set to be the first neighbourhood retail transaction in the ACT since 2015. Stonebridge Property Group has...
Read More
March 2019
Crossroads Homemaker Centre sold for $140 million
AMP Capital Diversified Property Fund has sold Crossroads Homemaker Centre to Ashe Morgan for $140.0 million, highlighting continued demand for Sydney metropolitan retail assets. Located...
Read More
July 2019
19 Hectare site adjoining the new Western Sydney Airport for sale
Stonebridge Property Group, on behalf of the Court Appointed Administrator (Balance Insolvency), has been exclusively appointed to sell 275 Adams Road, Luddenham NSW (‘the Property’)...
Read More