IProsperity have sold two major assets in Glen Waverley, VIC for $145m, providing a $26m capital gain over the 3 year holding period. The group acquired the Century City Walk retail centre in 2017 for $45m and the adjoining Novotel Hotel a year earlier for $73.6m.
Measuring 8,352 sqm, Century City Walk is 100% leased by nine tenants, including Village Cinemas and Australian Leisure and Hospitality Group. The adjoining 4.5-star 200 room hotel Novotel Hotel spans 7 levels with direct access to the retail centre below. The combined assets generate approx $8m per annum in rental income.
The purchaser is reported to be Chaolong Developments with links to Runjiang Investment Group who debuted in the local market, buying 509 St Kilda Road in a record $163m deal.
IProsperity had hoped to achieve well in excess of $150m from the asset sale following the recent sale of Burwood One Shopping Centre to offshore interests for $181m.
The sale of Century City Walk & Notovtel was handled by CBRE and Savills.