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.

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