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Melbourne property: Private developers spend $75m on malls

HomeCo has sold its Knoxfield homemaker centre for $45 million while Chinese investors lost a chunk of money on the sale of a Mornington mall.

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Village goes to market - MPNEWS

Village goes to market
Picture: Yanni
THE pending sale of the Mornington Village Shopping Centre will “test the market as the first core Victorian neighbourhood shopping centre offering of 2021”.
Agent Stonebridge Property Group says the centre has “long been an investor favourite based on recession proof and non-discretionary tenancy profiles, especially in booming areas like Mornington”.
The sale price is expected to be around $40 million. It last sold in 2018 for $39 million.
The Main Street centre at the corner of Cromwell Street is anchored by Woolworths and Aldi supermarkets as well as The Reject Shop, Pharmasave, medical centre and 14 retailers over 7963 square metres. There are 455 outdoor car spaces and 55 undercover spaces.

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Kestelman has big $20m budget for Southbank site

Kestelman has big $20m budget for Southbank site
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Larry Kestelman is understood to have splashed out nearly $20 million on the Budget development site on City Road, Southbank.
Records show one of Mr Kestelman’s companies, LKPG SPV3, put a caveat on the low-rise warehouse in November.
Larry Kestelman: A capital success at Capitol Grand.
Credit:Eamon Gallagher
Mr Kestelman is cashed up after selling down his South Yarra holdings to Greystar last year for a new build-to-rent project in the Forrest Hills precinct.

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