Powerhouse Large Format Retail Centre in Melbourne’s north sells for $135 million

Stonebridge Property Group & JLL are pleased to announce the sale of Craigieburn Junction on behalf of PGIM for $135 million. The sale reflects a fully leased yield of 5.72%.

Completed in 2019, Craigieburn Junction Large Format Lifestyle Centre is located in Melbourne’s northern growth corridor and is backed by a substantial WALE of 7.3* years by gross income.

The prime 30,000 sqm asset is home to a diverse mix of large format, medical, food and commercial based tenants.

The centre is anchored by major national tenants including, Nick Scali, Supercheap Auto, Freedom, Caltex, Hungry Jacks, a full-line medical centre, childcare & supermarket and occupies a prime 6.13 ha freehold site on the corner of Craigieburn Road and Aitken Boulevard.

Stonebridge’s Justin Dowers said, “There is a significant amount of new capital emerging in the LFR space and very limited stock. Private investors are scaling up into the $100m+ bracket and institutional buyers are seeing relative value in LFR yields and attractive rental growth provisions.”

Stonebridge’s Philip Gartland added, “Despite lockdowns during the campaign period, the campaign was extremely competitive from local and interstate bidders. Well prepared vendors are reaping rewards at the end of EOI campaigns – due diligence periods have shortened considerably as a result of strong competitive tension.”

For further information please contact the Stonebridge team:

Justin Dowers | +61 438 098 805 | jdowers@stonebridge.com.au

Philip Gartland | +61 403 582 324 | pgartland@stonebridge.com.au

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