Harcrest Hub Shopping Centre completes sell-out of Mirvac Residential Estate

Colliers International sells six retail shops and ATM in one line

The sale of Harcrest Hub Shopping Centre is the final piece of the puzzle in Mirvac’s highly successful Harcrest Estate in Wantirna South.

Colliers International’s Tom Noonan and Tim McIntosh have sold six retail shops and an ATM in one line, totalling 624sqm, to a local purchaser for $4.2million, on an initial yield of six per cent.

“The purchaser was a local private syndicate group, which will look to remix the centre and progressively sell down the shops individually during the next 12 months,” Mr Noonan said.

Located at the entrance to Mirvac’s Harcrest Estate, Harcrest Hub Shopping Centre is 25 kilometres south-east of the Melbourne CBD.

“Harcrest Hub first opened its doors in March 2013, representing a strata-titled neighbourhood shopping centre anchored by a MetCash IGA, in addition to six specialty retail tenancies, one ATM and 96 on-site car spaces,” Mr McIntosh said.

Mr Noonan said the deal followed the successful sale of the shopping centre’s IGA Plus Liquor, which was snapped up for $5.21million in April 2016, on a yield of 5.53 per cent.

The centre occupies a high-exposure corner location at the junction of major thoroughfare Stud Road and Harcrest Boulevard, the main entrance to the Harcrest Estate.

“According to VicRoads, this intersection has more than 41,000 cars passing daily, making it an ideal location for a suburban shopping centre and incidental passers-by,” Mr McIntosh said.

ASX-listed developer Mirvac has now sold all residential lots at its $450million Harcrest Estate in Wantirna South 12 months earlier than expected. The 899-lot housing project in Melbourne's east was launched in 2010 and has been sold in 10 stages since then.

Colliers International Melbourne Harcrest Hub Wantirna South shopping centre retail investment services

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