This article is from the Australian Property Journal archive
A RETAIL centre and adjoining development site spanning than 1.25 hectares of land in Melbourne’s northern suburbs has been sold to an investor and developer for $20 million.
Completed in 2018, the 264-270 Craigieburn Road retail centre property includes a retail centre anchored by 7-Eleven and Red Rooster on respective 15 and 10-year leases for a combined net annual income of $777,429 per annum with fixed increases from six out of seven available tenancies.
It has a land area of 6,215 sqm with 868 sqm of improvements.
According to selling agent Raoul Salter of Gross Waddell ICR, the campaign generated interest from over 100 local investors and private funds that resulted in the sale of the retail centre as well as additional land at the rear.
The site is close to both Craigieburn Central shopping centre and homemaker centre Craigieburn Junction, which QIC has just bought from PGIM for $135 million. PGIM has bought the property two years earlier in a $100 million fund-through deal.
