Stonebridge Property Group has completed the full sell-down of Griffith Group’s Meridian Village retail development in Clyde North, following the $18.65 million sale of Meridian Village Lifestyle Centre to a local private investor.
The transaction is the third and final investment sale within the development, bringing total sales to $42.6 million at a blended yield of approximately 5.44%.
Stonebridge previously sold the development’s freestanding Guzman y Gomez for $5.9 million at a 4.65% yield, followed by the Dan Murphy’s and Nido Early School for $18.05 million at a 5.50% yield.
Developed by Griffith Group and completed in 2025, the broader Meridian Village project comprises the Guzman y Gomez drive-thru, Dan Murphy’s, Nido Early School and the large format retail centre, forming part of the rapidly expanding Meridian precinct in Clyde North.
The 2,725 sqm Meridian Village Lifestyle Centre occupies an 8,047 sqm site and is fully leased to Supercheap Auto, Petbarn, Jaycar, Nutrition Warehouse and Australia Post, together with a dog wash kiosk.
The centre sold for $18.65 million on a 5.63% fully leased yield, equating to a building rate of $6,844 per sqm, which Stonebridge understands to be the highest building rate achieved for a large format retail centre transaction in Victoria in more than a decade. The property attracted multiple on-contract offers and was sold ahead of the formal Expressions of Interest closing date.
Stonebridge National Partner Justin Dowers said the three transactions demonstrated the depth of capital targeting newly developed, nationally leased retail investments.
“The completion of the Meridian Village sell-down at $42.6 million is a strong result for Griffith Group and demonstrates the depth of demand across a range of retail investment formats.
“Across the three assets we saw strong competition from private capital, with the development ultimately transacting at a blended yield of approximately 5.44%.
“The Lifestyle Centre result was particularly strong, with multiple on-contract offers received prior to the close of Expressions of Interest and the eventual sale achieving the highest building rate for a large format retail centre in Victoria in more than a decade.”
Stonebridge Partner Rorey James said the result followed the group’s recent $25.2 million sale of Sunbury Lifestyle Centre.
“The sale of Meridian Village Lifestyle Centre follows the recent $25.2 million sale of Sunbury Lifestyle Centre, providing further evidence of the strength of the large format retail investment market.
“Both campaigns attracted strong interest from investors, particularly for modern centres offering national tenant covenants, strong population growth and limited near-term capital expenditure.”
Stonebridge Partner Kevin Tong said large format retail continued to benefit from strong investor appetite and a limited supply of quality opportunities.
“Large format retail continues to be one of the strongest-performing segments of the retail investment market, with both private and institutional capital actively seeking exposure to the sector.
“The Meridian Village result reflects the premium investors are placing on newly developed assets with strong tenant covenants, long-term income security and exposure to Melbourne’s high-growth corridors.”
The three Meridian Village transactions were negotiated by Stonebridge Property Group, with the Lifestyle Centre sale handled by Justin Dowers, Kevin Tong and Rorey James.
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