Ex-AFL star takes major hit selling “gateway” Melbourne mall
Newmark Capital, directed by ex-AFL player, Chris Langford, has taken a 20 per cent hit selling a prominent Melbourne mall after six years.
Brandon Park Shopping Centre in Wheelers Hill is trading to HMC Capital for $107.5 million.
Newmark paid $135m to Vicinity and Telstra Super.
Describing it at the time as a “gateway” south east asset, the company slotted it into the Brandon Park Core Plus Fund.
HMC Capital will hold it in the Last Mile Logistics trust – which according to the manager’s most recent reporting, still has some $500m to deploy.
Mall to switch between funds
On 5.8 hectares on Springvale Road, almost at the Monash Freeway interchange, abutting Ferntree Gully Rd, the c23,100 square metre mall is anchored to Aldi and Coles, with about 85 specialty tenancies.
With a low site coverage (about 40 per cent), there are also 1340 car parks.
Three years ago, plans by Newmark to add a 10 level mixed use tower were rejected.
However in 2022 the manager was approved for a seven level structure with 103 serviced apartments and a medical centre. The retail area could also be extended (story continues below).
Instead it is expected HMC will add value building industrial and office product – the site being diagonally adjacent to Salta’s Nexus Business Park, with a Mulgrave address.
CBRE’s Simon Rooney, James Douglas and David Minty with JLL’s Stuart Taylor, Nick Willis and Jesse Radisich were the agents.
Their deal comes a month since Newmark sold its interest in South Yarra’s Jam Factory to co-owners, Gurner and Qualitas.
LMLT grows
Formed in 2023, the Last Mile Logistics Trust has a c$350m backing from Funds SA.
The fund’s other key asset is the Menai Marketplace it bought from Lendlease in late 2022.
It is expected to retain Brandon Park as a bulky goods investment – and not develop the tower.
Wheelers Hill, which shares the same postcode as Glen Waverley, is about 23 kilometres south east of Melbourne’s CBD.
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