Victoria
CRANBOURNE - $126.5 million
ISPT has sold its 50% stake in Cranbourne Park Shopping Centre to IP Generation for $126.5 million, marking the largest VIC retail transaction to date in 2024.
JLL’s Nick Willis, Sam Hatcher and Stuart Taylor, in conjunction with Stonebridge’s Justin Dowers, Carl Molony and Philip Gartland managed the sale of the dominant sub-regional shopping centre, which occupies a 7.5-hectare site 47km southeast of Melbourne CBD.
Cranbourne Park, a dominant Sub-Regional Shopping Centre in Melbourne’s southeast, underwent a significant transformation since its original development in 1984.
A $113 million expansion and revitalisation in 2015 added 12,500 sqm of retail space and introduced Target as a major tenant, cementing its position as the largest shopping centre in the total trade area.
Despite the subdued transaction conditions in Victoria, this transaction highlights the enduring appeal of quality retail assets.
IVANHOE EAST - $1.9 million
Jarrod Moran and Charlie Hicks of CVA Property Consultants have sold a signature medical investment property via a Private Sale campaign. The property is home to the Ivanhoe East Medical Clinic, and is a cornerstone of the local community, serving residents for over 70 years and recently upgraded to meet modern standards.
Spanning 561 sqm of land* with a 200 sqm recently renovated building the property is leased to ForHealth, a major healthcare provider managing 75 centres across Australia. ForHealth has demonstrated long-term commitment, recently renewing their lease until April 2029, with two further 3-year options. With an annual gross income of $107k+, the final sale price reflected a net yield of 5.11%.
MELBOURNE - Undisclosed
JLL Office Investments has successfully facilitated the sale of 432 St Kilda Road, Melbourne, to Marwood Property Group.
The private family firm will execute a staged refurbishment and leasing strategy with approval for the works already secured for early 2025.
The deal was brokered by JLL’s Josh Rutman, Tim Carr and Piper Dedrick.
The transaction was free of conditions and was settled within five days of the exchange of unconditional contracts.
The 9,128 sqm office building, positioned on St Kilda Road, which has one of the country’s highest vacancy rates, attracted significant interest from private investors, residential developers and partial owner-occupiers, including office and medical companies.
New South Wales
THORNLEIGH - $10.75 million
A high-profile convenience retail asset has sold following a sales campaign managed by Burgess Rawson's Darren Beehag.
Situated at 192-198 Pennant Hills Road, the asset came underpinned by a 20-year net lease to ASX top 100-listed Ampol, offering long-term income security and strategic positioning near the M1 Pacific Motorway.
LIVERPOOL - $7.375 million
Simultaneously, Burgess Rawson's Darren Beehag facilitated the sale of a second convenience retail asset located at 53-59 Orange Grove Road.
The asset similarly came leased to a global fuel and convenience giant, EG Group, the property’s strategic location on a major arterial road and proximity to key retail precincts made it a standout investment opportunity.
