A Chinese investor has snapped up Officer’s Arena Shopping Centre for a cool $48 million as overseas interest in local business heats up.Commercial real estate CBRE sold the Cardinia Road/Princes Highway shopping centre to a buyer from Shenzen, who outbid a number of local and Sydney based private groups.
National Director of Retail Investments Australia Mark Wizel said the centre’s quick sale proved retail assets in South East Melbourne were hot property.
“Only a few years ago, there were questions being raised around oversupply of retail centres in Pakenham itself but this part of Melbourne has just gone from strength to strength,” Mr Wizel said.
“If anything, there is a widely accepted view in planning that more retail floor area is needed to service the booming population.”
Arena’s 2.97 hectare site, featuring 25 specialty retailers including a major supermarket, generates an annual income of $2.65 million.
CBRE agent Justin Dowers said the centre’s strategic corner positioned had always ensured a strong trade performance, and contributed to the ‘high amount” of interest in the asset.
According to CBRE, Chinese investors have spent than $380 million on shopping centre assets across Victoria over the past 15 months, the majority of which were in Melbourne.