The property is seen as having mixed-use potential, with MIB seeing it as a redevelopment opportunity.
The shopping centre is on a 4.4-hectare freehold parcel with a rentable space of 11,501 square metres.
An MIB statement said “the property is located directly opposite the proposed Norwest Rail Station, which is currently under construction in the Norwest Business Park.”
Currently the shopping centre houses a supermarket, 45 speciality stores, a Shell/Coles Express Service Station, a Liquorland, a car wash, a vacant building, and a parcel of undeveloped land currently used as a car park.
The purchase consideration is based on the current market value of $120 million that was appraised by Urbis Valuations Proprietary Limited, using the sum-of-parts method of valuation.
MIB sees the property as being located in a strategic location with redevelopment opportunities.
the property is, “expected to be synergistic to the group’s existing property development business, as the group will be able to leverage on its established property development platform and branding in Norwest Business Park when it proceeds with its redevelopment in the future.”
The company said the property would be financed through bank borrowings.
The acquisition is subject to Australian authorities’ approval and the fulfilment of certain contract terms and conditions.
MIB has investments in high-end development properties in Malaysia, Australia, and the United Kingdom.
The company has already established itself in Australia owning One&Only Hayman Island on the Great Barrier Reef, Sanctuary Cove and InterContinental Sanctuary Cove Resort in Queensland, InterContinental Sydney, and Norwest Business Park Sydney.
Feature image is an artist’s impression of what NorwestCity could look like if the land is redeveloped. Source: Daily Telegraph