This article is from the Australian Property Journal archive
AN offshore private investor has secured the Hampton Park Shopping Square in south-east Melbourne for $25.6 million on a 6.55% yield.
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Located at 162-166 Somerville Rd, the centre comprises a GLA of 7,011 sqm across five separate buildings and comprises 51 shops and six office suites along with car parking for 415 vehicles on a significant 2.744ha site. The current net passing income is $1,677,740.
JLL Victorian retail investments manager Stuart Taylor and retail investments director Stephen Bolton negotiated the sale on behalf of Keytes Pty Ltd.
Taylor said the campaign received significant interest with over 80 enquiries and 10 offers.
“The asset is leased to a mix of national retailers and established businesses, however the property offered significant `value-add` potential through intensive management and also further development.
“The incredibly strong response for this asset demonstrates the strength of the market for neighbourhood shopping centres. The amount and level of interest for Hampton Park Shopping Square further goes to highlight the willingness of buyers to go up the risk-curve to secure assets,” he added.
Australian Property Journal
