This article is from the Australian Property Journal archive
UK investment giant M&G Real Estate has paid more than $220 million on a tight yield of 5.25% for the Casey Central shopping centre in Melbourne.
M&G has acquired the asset from Westfield spinoff Scentre Group in an off the market deal negotiated by JLL’s Simon Rooney and Colliers International’s Lachlan MacGillivray.
The sale is largest sub-regional shopping centre sale this year.
Located at 400 Narre Warren Cranbourne Rd, Narre Warren, 47km south-east of Melbourne’s CBD, the centre comprises 28,700 sqm of space and 1,367 parking spaces on a 10ha site.
Scentre recently spent $155 million to redevelop the centre.
Casey Central was just a small neighbourhood centre owned when Westfield bought it in 2005 with a total GLA of 6,500sqm, 23 shops.
The newly redeveloped centre includes a new full-line Coles and Woolworths supermarkets with an adjacent fresh food precinct, an Aldi supermarket and a new-format Target discount department store.
Casey Central also includes large format mini-major retail outlets and approximately 78 new specialty stores, an expanded Liquorland site adjacent to the centre, dining precinct with a 350-seat food court, and a new Shell service station.
Australian Property Journal
