Development Victoria Divests Melbourne Major Town Centre – Stonebridge

Development Victoria has sold the Aurora Southern Town Centre in Epping, a major town centre site in Melbourne’s northern growth corridor. The asset was acquired by a syndicate of investors, marking a significant milestone in the region’s continued expansion.

Spanning 14.1 hectares across two lots, the Aurora Southern Town Centre is proposed to accommodate a mix of high-density residential, major retail, commercial, and mixed-use developments, creating a future hub for the growing community.

The transaction was exclusively brokered by Stonebridge Property Group’s Julian White, Justin Dowers and Chao Zhang, who ran a highly competitive expressions of interest campaign on behalf of Development Victoria.

Mr White said “The sale of Aurora Southern Town Centre marks the second major town centre transaction in Victoria over the past 12 months, following the successful divestment of Rockbank Town Centre, which our team also managed. Interest in retail development sites has surged, with our team transacting 10 retail development sites across Victoria in the past 12 months alone.

Mr Dowers said “Record population growth over the past two years has significantly outpaced supply, driving heightened interest in well-located, retail and mixed-use development sites like Aurora Southern Town Centre. We are seeing rental calibrations take effect as a result of this reduced supply, making retail developments increasingly viable. This trend is evident across major REITs, with all reporting positive leasing spreads.”

Aurora Southern Town Centre sold following a competitive expressions of interest campaign and a due diligence period over the holidays.