Sydney Investors Continue to Target Melbourne Commercial Assets

A Sydney investor has purchased and settled Karingal Village Shopping Centre in Frankston for an undisclosed sum. Despite Coles supermarket recently vacating the premises, the property sold at a top of the range price on a short 63-day settlement. The property’s quote price during the marketing campaign was $9,500,000.

The centre comprises 11 tenancies with a total GLA of 2,502sqm* and is underpinned by Grandpa’s Farm & Easi Grocer, a new supermarket owned and operated by the rapidly growing Pacific Asian Supermarket.

In the months of March and May, the Savills Melbourne CBD and Metropolitan sales team sold approximately $83,000,000 in commercial property of which around $58,000,000 represents capital flooding down from Syndey.

“We are seeing an increasing amount of Sydney based investors being priced of their local property market and turning their attention to Victorian opportunities of the same calibre at a more affordable price point” said Benson Zhou, who sold the property with colleagues Rick Silberman and Julian Heatherich.

“This sale highlights the pent-up demand for the few retail centres that are currently being offered for purchase,” said Mr Silberman.

The team at Savills have also just brought to market Target Sunbury, another major value-add investment opportunity located at 114-126 Evans Street, Sunbury.

“We expect interstate investors to be at the forefront of enquiry given the property’s central position in a rapidly growing Metropolitan Melbourne region,” said Mr Heatherich.

Target Sunbury is For Sale by Expressions of Interest closing Wednesday 29 June at 2pm.

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