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