This article is from the Australian Property Journal archive
MACARTHURCOOK has put its $52 million plus Brand Smart factory outlet in Nunawading in Melbourne's eastern suburbs on the market.
The MacarthurCook Retail Property Trust owned asset is located at 286 Whitehorse Road, approximately 20kms east of the Melbourne CBD.
The centre comprises 7,446 sqm of GLA and features 52 tenancies including Sheridan, Adairs, Oroton Group, Jigsaw, David Lawrence, Colorado, Foot Locker, Wittner’s, Villeroy & Boch, Maggie T and Sunglass Hut – on a fully leased net income of $3.67 million per annum.
In addition there is on site parking for 400 cars.
The centre was last valued at $51.7 million as at June 30, 2007 by the directors. It was purchased for $37.85 million in December 2002.
Exclusive selling agents Jones Lang LaSalle’s head of retail Investments Simon Rooney said the centre also sits on a significant site of 25,824 sqm, providing potential for redevelopment/expansion.
Rooney added that the centre is the only outlet mall in Melbourne’s highly sought eastern suburbs and is located along Whitehorse Road, Melbourne’s bulky goods and big box retail “Golden Mile”.
“The “Golden Mile” is one of Melbourne’s premier bulky goods and big box retail precincts, with quality surrounding retailers such as Bunnings, Dick Smith Powerhouse and Freedom,” he added.
“Whitehorse Road is a major east-west thoroughfare in the region, while Springvale Road caters for north-south traffic and connects through to the Eastern Freeway. The soon to be completed East Link Toll Way is expected to further improve accessibility to the Centre.
“As such, the area is expected to become a focus for development activity in the coming years, with Brand Smart well placed to capture the benefits of future residential and commercial growth, as well as contributing to the consolidation of the area as a hub for shopping and business,” Rooney concluded.
Australian Property Journal
