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Sale of Bayswater shopping center for $22m



A family based in Sydney has purchased the Mountain High Shopping Center in Bayswater, 35 kilometers from Melbourne’s CBD for around $22m.
The center was sold for a passing yield of around 7.3%, which indicates that there is higher competition among domestic institutions and private investors, promoted by the low cost of debt.

Although sale agents, Mark Wizel and Justin Dowers from CBRE were not prepared to confirm the details of the deal, industry insiders speculate that it settled at above $22m.

Mr. Dowers revealed that in excess of $750m worth of non-discretionary center assets below the value of $100m have been in Victoria over the past year and a half, although overall volumes were lower compared to the previous year.
According to Mr. Wizel, some of the owners of shopping centers have taken advantage of the low interest rates and refinanced their properties over the medium term, thus succeeding in keeping the assets off the market.  This has impacted on the supply of investment products in Victoria.

Mountain High Shopping Center consists of gross leasing space of 7674m², with 30 retail tenants and a Coles supermarket, which signed a new 20-year lease.

A large sub-regional retail development in Reservoir has since been placed on the market, expecting to fetch a price of about $80m.
There are other regional shopping centers which are currently for sale.  

Colliers International has stated that Victoria has surpassed NSW as the busiest retail investment area within Australia.  The shift can be attributed to the GPT Wholesale Shopping Center Fund obtaining a 50% share in Northland Shopping Center during March, for $496m.


More about shopping malls in Australia

May 22, 2020, USA:
The British retailer said that the demand for home clothing, sleepwear and bras has increased, but office suits have become less in demand.
May 22, 2020, USA:
Victoria’s Secret to close about 250 stores in the U.S. and Canada, Bath & Body Works to close 50.
May 20, 2020, Slovenia:
SES Spar European Shopping Centers opened ALEJA Center in Ljubljana on Wednesday, 20 May 2020.
May 19, 2020, Italy:
Shops in downtown Rome, Milan, and other top locations remain closed despite the lifting of restrictions.
May 19, 2020, USA:
According to a study by FTI Consulting, more than a third of Americans have stopped buying goods from China.
May 18, 2020, USA:
Swedish company Ingka Centres has already entered into negotiations for the acquisition of central facilities in major US cities.
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Mall of Scandinavia GLA:1 087 155 SF
ADDRESS: Evenemangsgatan 11 169 56 Solna
Sweden . Stockholm
Mall of Scandinavia
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping
Arkadia GLA:1 184 030 SF
ADDRESS: Aleja Jana Pawla II 82, 00-175
Poland . Warsaw
Arkadia
Mall of Tripla GLA:914 932 SF
ADDRESS: Veturitie 13
Finland . Helsinki
Mall of Tripla


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