Ringwood shops sold off as $11m supersite

A Ringwood family has bagged a hefty $11.13 million with the sale of their Maroondah Highway supersite.

The sale is the biggest to be notched in Ringwood this year.

Jellis Craig Ringwood director William Lyall says the 8067sqm site has been owned in part by the same family since 1936.

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Lyall says the site was snapped up by a Melbourne family that had been in the property game for years.

“It is their first investment in the outer east and they liked the idea that Ringwood was going somewhere and has a bright future,” Lyall says.

“That was a common theme with the other (prospective) buyers as well.”

The massive 8067sqm site sold to a Melbourne-based family.

The large strip of shops at 154-166 Maroondah Highway is leased to tenants, including Beaumont Tiles, Carpet Court and Horseland and reaps an annual income of more than $747,000.

The site had price expectations of about $10 million when it first hit the market.

“To get over $11 million was outstanding,” Lyall says.

Local, interstate and overseas investors all showed interest in the property, he says.

“Ringwood has been seen as a destination suburb more and more. With the infrastructure it’s got, people are seeing it as the place to do business from or live in,” he says.

“We are well placed in Ringwood for many years to come.”

The leases along the strip rake in $747,000 a year.

“There are plans (for the area), bringing it more in line with where Ringwood is heading.”

“The plans include mixed-used development with retail, cafes, offices and residential development to make it more streamlined along the highway.”

The buyers have no immediate plans for redevelopment, according to the director.

The site falls within the Maroondah City Council Commercial Boulevard of the Ringwood Activity Centre.

Maroondah mayor Nora Lamont says the policy aims to establish the area as the outer east’s premier activity centre.

“Over the last four years Ringwood has experienced a significant transformation with well over a billion dollars of private investment,” Cr Lamont says.

“These investments have provided a catalyst and a foundation for future investment in office and residential developments in and around Ringwood.”

This article from Leader Newspapers originally appeared as “Ringwood family sell Maroondah Highway supersite, bags $11.13 million”.