The Maroondah Village Shopping Centre in Melbourne’s north-east is being offered for sale two years after it was lasted transacted for $13.3 million.
The centre was transacted at a sharp yield of 5.4 per cent.
The single level neighbourhood shopping centre is anchored by a Coles supermarket and spans a site area of 9,707sq m which includes 2,000sq m of surplus land and 113 car parks.
The centre is 98 per cent leased with an annual net income of $850,000.
Located at Croydon North, 30km north-east of the Melbourne CBD, the centre benefits from a rapidly rising population which is expected to see more than 20 per cent growth by 2036.
It is being marketed by CBRE on behalf of a private vendor.
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“The zoning, which allows for more intensive mixed-use development, provides the successful purchaser with the flexibility to meet that changing demand for services and add significantly to the value of the asset,” CBRE national director Mark Wizel said.
Wizel said the current owners had purchased the centre with the idea of acquiring neighbouring sites to allow for future expansion of the Coles supermarket or for a redevelopment of the entire property.
“The owners successfully acquired those properties and they are now being offered with the existing shopping centre for sale.
“The opportunity for value add investors to acquire a well-leased centre like this one at a price point of under $20 million is something very rare in any metropolitan location not only in Victoria but along the entire eastern seaboard,” Wizel said.
In November, an ageing 6657 square metre neighbourhood shopping centre at Northcote, five kilometres north of Melbourne’s CBD, was sold to an unidentified investor for $34 million on a tight yield of 3.47 per cent.