This article is from the Australian Property Journal archive
A LOCAL private investor has pounced on the Sunbury Central shopping centre in north-west Melbourne for $40 million, in the largest-ever single commercial property transaction in the Sunbury and Macedon Ranges region.
JLL’s director of retail investments Stephen Bolton negotiated the off-market sale of the centre.
Located on a 3.1ha site, with a 300 metres frontage to Horne St, Sunbury Central comprises a Woolworths supermarket, Big W DDS, Woolworths service station, a five screen Readings Cinema complex, two cafes and deck car parking for approximately 700 vehicles.
“Sunbury Central is a very strongly performing centre and is expected to continue to grow on the back of the projected growth of the Sunbury region. The centre provides the purchaser with excellent ‘blue chip’ lease covenants with over 65% of the leases to Woolworths, and ease of management with collectively only four groups to deal with,” Bolton said.
The Sunbury Central transaction comes on the heels of the off-market sales of Bunnings Carrum Downs and the Sunshine Homemaker Centre by JLL’s retail investments team in Victoria, Stephen Bolton and Stuart Taylor.
“These three recent property sales have provided in excess of $125 million to the vendors in off market transactions, and has highlighted that owners can be confident that JLL will place their properties with qualified purchasers, with a minimum of fuss and still receive strong market results,” Bolton said.
Earlier this month, JLL’s Simon Rooney also negotiated the sale of the Croydon Central shopping centre in Melbourne’s east to Haben Property Fund for over $40 million.
Australian Property Journal
