Fresh after completing the development, the joint venture behind the large format retail centre has found a buyer.
MaxCap and Troon said they had sold the Chirnside Lifestyle Centre at 266-268 Maroondah Highway, Chirnside Park, near the Yarra Valley, around 32km north of the Melbourne CBD.
IOOF Investment Services has acquired the 3.5ha site site for AM Property Plus, a trust it holds, for more than $50 million. The trust is part of a direct property portfolio managed by MLC Asset Management, ASX-listed Insignia Financial Group’s investment division.
Colliers and Stonebridge secured the deal with a 5.25 per cent capitalisation rate.
Chirnside has a gross lettable area of 11,100sq with 286 car spaces and was fully pre-leased by its completion in December.
Tenants include Harris Scarfe, Baby Bunting, Fantastic Furniture and Super Cheap Auto.
Two pad sites were also handed over to McDonald’s and KFC as part of the development.
It is MaxCap’s third joint venture with Troon Group.
Troon Group managing director Tom McInerney said it was an ideal site for development when first spotted in 2020.
“We identified the site in 2020 as part of the Kaufland supermarket portfolio just as the pandemic had put us all into lockdown,” McInerney said.
“The site occupies a prominent elevated position on Maroondah Highway in an established retail precinct with 38,000 cars passing daily.”
Corelogic property records list a sale figure of $6.5 million for the site at 266-268 Maroondah Highway in May 2020.
MLC Asset Management is in the process of building a large format retail portfolio.
Large format retail is piquing investors’ interest as more properties are being developed and transacted.
The sale of Chirnside was managed by Colliers’ Tim McIntosh, James Wilson, and Mike Crittenden with Stonebridge Property Groups’ Justin Dowers, Kevin Tong and Phillip Gartland.
MaxCap Group currently has a diversified portfolio across Australia with a total end value of more than $5 billion.
Troon Group is linked to a 150-year-old family-owned construction business H Troon.
