Melton Station Square sells after revamp
Another neighbourhood shopping centre has sold, this time in Melton South.
Melton Station Square, at the north west corner of Brooklyn and Station roads, has collected $43 million from a local syndicate.
The vendor, a private family, paid $10.5m in 2013 before undertaking a renovation and extension three years later.
Now with 4483 square metres of lettable area, the complex contains 12 specialty stores and a Coles-backed supermarket.
On c1.36 hectares abutting a service station, the asset also includes 215 car parks (story continues below).
Stonebridge Property Group’s Justin Dowers and Kevin Tong said their off-market sale reflects a 4.83 per cent fully let yield.
It is the second metropolitan Melbourne neighbourhood shopping centre to trade this year – last week, Woolworths sold the near-new Greenvale Lakes mall, on 1.42ha in Roxburgh Park, for $27.7m – a 3.95pc return.
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