LEND Lease and its Australian Prime Property Fund Retail have bought a $400 million mixed use town centre development from Valad Property Group for $73.5 million.
The Craigieburn Town Centre is a 65-hectare site located 25 km north of the Melbourne CBD.
Craigieburn is a rapidly growing area, as identified under the State Government’s planning strategy “Melbourne 2030”, and will attract extensive trade from the surrounding rural and suburban areas.
Craigieburn town centre will be directly accessible via the M31 arterial.
Lend Lease Investment Management Australia chief executive Tarun Gupta said quality regional retail assets like the Craigieburn Town Centre, with the capacity to be expanded are rare.
“We are pleased to be able to offer our wholesale investors exposure to this retail development opportunity.
“To be part of a unique and vibrant town centre will provide APPF investors with an asset that will meet the market’s expanding needs and allow for the capture of strong market growth, thereby enhancing long term investor returns,” Gupta continued.
Lend Lease’s retail and communities chief executive David Hutton said this is a unique opportunity to create a quality vibrant new town centre at Craigieburn, working closely with Hume City Council.
The site has potential for a shopping centre and associated mixed use development of approximately 50,000 sqm and approximately 400 new residential homes.
Valad originally had a Master for a 55,000 sqm regional shopping centre, 20,000 sqm commercial and 400 residential dwellings.
“Delfin Lend Lease has been active in Craigieburn since 1999 and has developed 3,000 residential lots to date. The Craigieburn town centre will provide us with the opportunity to continue our strong working relationship with the community and Hume City Council,” Hutton concluded.
Australian Property Journal
