Frasers Property Australia has sold its Burwood Brickworks shopping centre in Melbourne to a private fund under HMC Capital for over $107 million.
Located 19km from the Melbourne CBD, the centre boasts a gross lettable area of 13,000sqm and is anchored by a full-line Woolworths supermarket and Dan Murphy’s store. It is also home to more than 40 specialty retailers, a six-screen cinema, a dining precinct, and Australia’s first 2000sqm rooftop urban farm.
The property has 99 per cent occupancy with a weighted average lease expiry of 8.2 years.
With sustainability at its core, Burwood Brickworks has received a 6 Star Green Star Design & As Built and Communities certification from the Green Building Council of Australia. It is also the first retail centre in the world to achieve Living Building Challenge Petal Certification.
Stonebridge Property Group, together with CBRE, conducted the sales process on behalf of the developer.
In a LinkedIn post, Stonebridge said the transaction highlights continued investor demand for premium neighbourhood shopping centres, particularly given the difficulty in replicating assets of this quality.
The completion of the sale comes just one week after Frasers agreed to sell the Eastern Creek Quarter retail precinct in western Sydney to Vicinity Centres for $400 million.
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