Chinese group iProsperity snatches Century City Walk
Chinese-backed investment firm iProsperity Group has pushed further into the Australian market, swooping on a shopping centre in suburban Melbourne in a deal worth $45 million.
The advisory firm for Asian investors announced it has bought Century City Walk, a shopping centre in Glen Waverley, in Melbourne’s southeast, with settlement expected in October.
The agent on the deal was Colliers International’s Matthew Meynell.
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The 8352sqm shopping centre is fully leased to nine tenants including Village Cinemas and Australian Leisure and Hospitality Group.
The buyer will continue operating the mall and consider the potential to redevelop the centre, given the adjacent land — which gives a combined land area of about 10,500sqm, has potential for future mixed-use redevelopment.
IPG also owns the adjoining Novotel Melbourne Glen Waverley Hotel, bought last year. The group’s head of funds management, Deep Kotak, says the purchase is a key acquisition in the heart of Glen Waverley’s retail and business precinct, making it one of the largest landlords in the area.
“This acquisition provides our investors with exposure to an ideally located asset, strong redevelopment and expansion upside, and one of Australia’s most attractive residential markets,” Kotak says.
The group paid $73,666,666.66 for the Glen Waverley hotel last year, another symbolic price after its recent acquisition of 333 Kent St in Sydney for $88,888,888. Six and eight are considered lucky numbers in Chinese culture.
The Novotel Melbourne Glen Waverley was sold by a private syndicate led by Phil Green and Greg Shand, who had owned the property for 20 years.
The property at 285 Springvale Rd comprises 200 rooms, a bar and restaurant, flexible meeting space, gym, indoor pool and underground parking for about 100 cars.
This article originally appeared on www.theaustralian.com.au/property.
