Property Development

Stockland sells Tooronga Village to Newmark Capital for c$64 million

Stockland sells Tooronga Village to Newmark Capital for c$64 million
Written by The ReReport
As seen in the Source link, written by realestatesource.com.au on 2019-07-09 13:29:35

EXCLUSIVE

Stockland has sold shopping centre Tooronga Village, in Melbourne’s Glen Iris, for a speculated price of about $64 million.

The buyer is Newmark Capital, which controls a large and diversified portfolio including South Yarra’s Como complex and Jam Factory retail and entertainment complex.

Last year, Newmark paid $135 million to Vicinity Centres and Telstra Super for the Brandon Park shopping centre in Wheelers Hill, about 23 kilometres south-east of Melbourne’s CBD.

The 8973 square metre Tooronga Village – like Brandon Park – has mixed-use redevelopment potential, utilising airspace.

Tooronga Village in Glen Iris includes 8973 sqm lettable area over two levels.

Tooronga Village occupies a 0.9 hectare site on the
corner of Toorak and Tooronga roads, this intersection also being the Hawthorn East
suburb border.

Its catchment captures the exclusive suburbs of Hawthorn,
Camberwell and Toorak.

Anchored by a Coles supermarket, the two-storey complex includes
31 speciality shops and 488 car parks.

Its fully let net income is estimated at about $4.535 million, according to the CBRE marketing agents Mark Wizel, Justin Dowers, Trent Weir and Kevin Tong.

Stockland last published the value of the asset, in December, 2018, at $62.3 million.

In a statement today, a spokesperson confirmed the exchange of contracts for Tooronga Village. It added that the sale is part of a recent strategy by Stockland to divest some non-core retail assets.

As has been widely conveyed in the media since April, retail assets worth more than $11 billion are presently for sale in Australia.

Today, we reported another major shopping centre deal: ISPT acquiring the half-share it didn’t own of the Waurn Ponds Shopping Centre, in Geelong, from Australian Unity, for a price speculated to be more than $140 million.