Shanghai buyer bags Epping’s Aurora Village shopping centre
A Chinese investor has bagged the Coles Aurora Village shopping centre in Epping for a whopping $44.5 million.
The first-time buyer from Shanghai pipped several local and international rivals to secure the property, CBRE director Mark Wizel says.
“This is the second result in a row to first-time Chinese retail buyers,” he says.
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The first was the $181.5 million sale of the Burwood One shopping centre, at the corner of Burwood Highway and Blackburn Rd, in November
The recently constructed Coles Aurora Village building on a 2.32ha block at 315A Harvest Home Rd has frontage to Harvest Home and Edgars Rds.
Dominated by Coles and ALDI supermarkets, it includes 16 specialty stores, a Coles Express service station and a car park for 305 vehicles.
Leased to Coles for 15 years and ALDI for 10 years, the shopping centre generates an income of $2.567 million per year.
The Aurora Village shopping centre features a Coles and an Aldi.
Wizel says the sale confirms the 2018 trend of large-scale investors moving away from pure development sites to income-producing assets that have the potential to further developed to add value.
“This is a marked shift in sentiment, which may well underpin expectations of a solid retail investment market in 2019, following what has been an exceptional 2018,” he says.
Despite Chinese Government restrictions on capital outflows, Chinese investors remain prominent players in Victoria’s shopping centre market.
They have outlaid more than $327 million to secure Epping’s Aurora shopping centre, Burwood One, Mornington Village, Craigieburn’s Highlands shopping centre and Maroondah Village combined, according to CBRE.
This article from Leader Newspapers originally appeared as “Shanghai buyer bags Epping’s Aurora village Coles and Aldi shopping centre for $44.5 million”.
