This article is from the Australian Property Journal archive
THE Zagame family has offloaded the Woolworths-anchored Yarra Junction shopping centre outside of Melbourne for a confirmed price tag of $18 million.
JLL’s Stuart Taylor and Tom Noonan handled the off-market sale of the 3,506 sqm convenience-based neighbourhood centre, located on the Warburton Highway and around 66 kilometres east of the Melbourne CBD.
The strong performing Woolworths supermarket of 2,270 sqm is complemented by 11 specialty retailers.
The sale price reflected an initial yield of 6.42%.
“Convenience based neighbourhood centres which dominate their catchment continue to receive a strong level of demand, with the response to this asset a testament to the market understanding the drivers of sound retail property,” the agents said.
Nine Media reported that Ari Herszberg and Sam Herszberg placed a caveat over the property in May.
