Retail centre sells for $31.5m

Abacus Property Group has offloaded one of south-east Melbourne's largest retail investment properties to private investors for $31.5 million, on a yield of 9 per cent.

Abacus Property Group has offloaded one of south-east Melbourne's largest retail investment properties to private investors for $31.5 million, on a yield of 9 per cent.

The Homemaker Centre at 970 Nepean Highway, Moorabbin, changed hands in a deal negotiated by Nichols Crowder's Matt Nichols and Matt Spicer. The 13,920-square-metre building houses brand-name tenants Spotlight, Adairs, Snooze and E&S Trading. Its large Nepean Highway frontage of nearly 140 metres and 378 car spaces provides potential for expansion, Mr Nichols said.

"Whilst there have been several sales in the $20 million category in the bayside area, $31.5 million is a new high," he said.

Moorabbin House and Home is next to Barloworld's Mercedes and Volkswagen dealerships. Barloworld bought the site from Ikea in 2005 for $22 million.