Property giant Lendlease has sold a shopping mall in Melbourne’s north for $300 million, successfully completing a deal three years after the emergence of the COVID-19 pandemic interrupted its hoped-for exit at a higher price.
On the buy side is fast-growing boutique fund manager IP Generation, which has acquired its largest single asset yet, a strong sign that appetite for suburban malls is consolidating as benchmark pricing resets.In Melbourne’s northern growth corridor, the Craigieburn Central shopping centre has close to 65,000 square metres of retail space along with 76,000 sq m of surplus land, with its tenants generating about $378 million sales annually.
The sale, brokered by CBRE’s Simon Rooney, represents the largest retail transaction in Victoria in five years and nationally since late 2021.Its sale to IP Generation comes close to three years after Lendlease looked to divest of the mall, along with a second Melbourne shopping centre, making plans for off-market sales in the first half of 2020.
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