Ex-AFL player buys shopping centre near Hawks base
Brandon Park shopping centre has been snapped up for a huge sum after languishing on the commercial property market for nearly six months.
The troubled complex, which traders have criticised as having expensive rents and a dated environment, was snapped up for a hefty $135 million.
A local industry expert priced the 23,000sqm shopping centre at $130 million-$150 million prior to the sale.
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He told the Monash Leader the 1970s-built complex was struggling to compete with higher profile shopping hubs.
“I don’t see why you’d go to Brandon Park with The Glen and Chadstone so close by, unless you just want to go to the supermarket,” the source says.
Brandon Park shopping centre’s food court was updated in 2016.
The Australian reported the deal continues Vicinity Centres’ – who owned half of Brandon Park – push to sell non-core assets.
Vicinity Centres has poured more than $460 million into nearby complexes, including Chadstone Shopping Centre and the Glen, in recent times.
Their website states Brandon Park was last redeveloped in 2003, while the food court was updated in 2016.
Vicinity Centres will receive $67.5 million for the sale along with co-owner TelstraSuper.
Newmark Capital picked up the keys to the shopping complex, a syndicate fund run by former Hawthorn AFL player Chris Langford.
– with Geordie Cowan
This article from Leader Newspapers first appeared as “Former AFL player pays over $100 million for Brandon Park shopping centre”.
