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JLL sells 100% interest in Brandon Park Shopping Centre for $135.0 million

People & Companies / Latest News

Australia

Apr 11 2018

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JLL has exclusively negotiated the sale of a 100% interest in Melbourne’s Brandon Park Shopping Centre for $135.0 million to Newmark Capital.

JLL’s Head of Retail Investments – Australasia, Simon Rooney exclusively handled the transaction and said, “Victorian retail assets are tightly held and are generally highly sought after given their relative scarcity, especially in Metro locations. Brandon Park is one of only four sub-regional centre transactions within the Melbourne metro area since 2015. 

“Unlisted funds continue to be drawn to the sub-regional sector given the attractive yields available relative to premium core assets. 

“Victoria is experiencing the strongest rate of population growth on record, and investors are attracted to the positive growth drivers underpinning the Melbourne retail market. 

“Transactions of sub-regional centres dropped to $1.1 billion in 2017, less than half the $2.4 billion per annum which sold between 2013 and 2016 - given the volume and scale of portfolio sales in prior years.”

The sale of Brandon Park is the first sub-regional sale in metro-Melbourne since Casey Central in December 2016 for approximately $221.0 million and follows the recent sale of Toormina Gardens by Vicinity Centres (50%) and Challenger (50%) to Fort Street Real Estate Capital Fund III for $83.3m.

Vicinity Retail Partnership (VRP) also recently sold a 50% interest in Grand Plaza Shopping Centre to Invesco for $215.0m, with Vicinity Centres retaining a 50% interest, including management and development rights.

About Brandon Park Shopping Centre: 

Brandon Park shopping centre is in an exceptional Melbourne metropolitan location, positioned 24km south east of the Melbourne CBD, and captures an extensive main trade area population in excess of 83,000 residents. The centre benefits from its close proximity to the Monash National Employment and Innovation Cluster, with close to 6,000 workers within one kilometre of the centre. Brandon Park Shopping Centre is on a landmark site of 58,100sqm with excellent exposure to a high level of passing traffic, convenient parking for 1,341 vehicles, and is strategically located at the busy intersection of Ferntree Gully and Springvale Roads - both key arterial roads. The centre has a total GLA of approximately 23,000sqm, is anchored by a strong performing Kmart DDS, as well as Coles and Aldi supermarkets, together with 6 mini-majors and 85 specialties & kiosks. Brandon Park provides potential repositioning, remixing and development opportunities to extract additional and ongoing value.

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