Highpoint Homemaker Centre sells for $25m

A homemaker centre at 98-108 Hampstead Road, Maidstone has sold for $25.5m reflecting a passing yield of circa 4.75%. The property was acquired by a private family through Savills.

In time, the site could be redeveloped into a a higher and better use with apartment development springing up across the road in Williamson Rd. The 4ha site next door at 82-96 Hampstead Road sold to a townhouse developer for $41.5 million in 2016.

The centre’s tenants include Baby Bunting, Supercheap Auto and Woolworths Petrol. The 19,020 square-metre corner site returns yearly net income of $1.12 million.

Several smaller bulky goods centres in Victoria have sold in recent times, including 283 Burwood Rd at $25m and 106 Main Street Greensborough for $11m. More recently, global asset manager PGIM acquired Craigieburn Junction for $100 million on a fund-though, whilst last year, GPT sold the Highpoint Homemaker Centre to the Velpoint Property Group for $80.5 million on yield of 6.2%.

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