- Riverwalk Town Centre is a prominent 3.01-hectare site within Development Victoria’s highly successful Riverwalk Estate
- Follows competiion from local, interstate and off-shore developers
- Melbourne shopping centres popular among both investors and developers
Riverwalk Town Centre, a prominent 3.01-hectare site within Development Victoria’s highly successful Riverwalk Estate, 35 kilometres from the Melbourne CBD, has been sold to developer Oreana Group.
Previously owned by Development Victoria, the sale comes following a strong contested campaign Negotiated by Colliers’ Retail Investment Services Directors’ Mike Crittenden and Tim McIntosh, the duo said the transaction represents an influx of interest from buyers eager to secure major shopping centre assets in Victoria.
“We experienced unprecedented enquiry on the Riverwalk Town Centre campaign from local, interstate and off-shore developers, syndicators and owner occupiers,” Mr Crittenden said.
“Development interest has been driven by the ongoing strong demand by passive investors for shopping centre assets where supply remains extremely constrained.
“Metropolitan Melbourne shopping centres and sites remain at the top of investors’ and developers wish list.”
Orena Group’s Director Paul Bourchier added the acquisition underlines the developer’s commitment to deliver local convenience-based projects across Melbourne’s growth corridor and “will strengthen our substantial development portfolio, consisting of a range of activity centres, convenience and childcare projects serving local communities.”
“Town centres remain one of the most highly sought after and best-in-class sub-sectors of commercial property, representing a defensive investment with attractive income growth for investors due to the heavily weighted income to non-discretionary national retailers,” added Mr McIntosh said.
“We have transacted over $200 million of town centre assets in Victoria to institutional and private investors and retail developers in the last 12 months and see strong demand continuing for those centres with a resilient income profile.”
Tim McIntosh, Colliers
The previous vendor, Development Victoria, is the state government’s property developer and is tasked with building homes and communities in vibrant areas for both people and businesses. It achieves this through strategic property development and urban renewal projects.
The team has been delivering homes, infrastructure and open space across Riverwalk since 2011. Already, it is home to over 2,500 residents.
The news comes a week after Oreana secured approval for its development in Western Australia.