By Laura Wakely
A MAJOR Brimbank shopping centre is on the market for more than $70 million.
The sale of Keilor Downs Plaza comes after Brimbank Central Shopping Centre announced it would begin its $34 million redevelopment in April.
Centro Retail Australia announced the sale of the 13.97 hectare site, which includes a Kmart, Coles, ALDI, 57 specialty stores, 10 kiosks and two fast food restaurants.
A Centro spokesperson told Star the plaza was part of a syndicate of five shopping centres that had been invested in as a closed term investment base.
The spokesperson said the syndicate had ended last year and as a result some of the assets were being sold.
Keilor Downs Plaza has a net passing income of $5.9 million according to Savills, who are managing the sale.
The Centro spokesperson said the most recent financial results for the plaza show 100 per cent of stores were leased as of 30 June 2011.
She said there were “definitely opportunities” for new owners because of the five hectares of vacant land surrounding the plaza.
The sale is expected to take place after expressions of interest close in March.
Meanwhile, Brimbank Shopping Centre in Deer Park has added another $7 million in works to its planned $27 million redevelopment (Centre upgrade, Star, 14 February).
Centre Manager Russell Yelland said Colonial First State Global Asset Management, which operates the centre, will complete the project in stages to “revitalise” the centre.
The first stage of the redevelopment will include the relocation and upgrade of Coles into the former Kmart site.
The supermarket will become one of the largest in Australia with an expanded grocery section, homewares, entertainment, apparel and Coles Mobile.
Stage one will also include the construction of an additional mall with 11 new speciality stores and a new lift and travelator will be added to the existing basement car park.
Stage one works are expected to be completed by the end of the year. The second stage of the redevelopment will include upgrades to the fresh food precinct and will be completed in mid 2013.
