Five Squared has scooped up the Bundoora Square Shopping Centre in Melbourne's north east for $26 million, according to The Australian Financial Review.
The developer purchased the property on Settlement Road and Plenty Road from CoINVEST on a tight yield of 6.2 per cent.
The shopping centre is anchored by a Coles supermarket and includes close to 100 shops, including Safeway, a post office, medical centres and Psarakos Markets.
The AFR reported that the property was part of a three-asset portfolio sold by coINVEST For over $45 million. The other properties sold to private buyers.
All three transactions were negotiated by JLL's directors of retail investments Stuart Taylor and Stephen Bolton.