Retail centre sells for $31.5m

The $31.5 million sale of the Homemaker Centre in Moorabbin is significant because it marks a new high for retail property sales in the bayside area, surpassing previous sales in the $20 million category.

The sale of the Homemaker Centre was negotiated by Nichols Crowder's Matt Nichols and Matt Spicer, with the property being sold to private investors.

The Homemaker Centre in Moorabbin features a 13,920-square-metre building with brand-name tenants like Spotlight, Adairs, Snooze, and E&S Trading. It also boasts a large Nepean Highway frontage of nearly 140 metres and 378 car spaces, offering potential for expansion.

The Homemaker Centre's location is advantageous due to its proximity to major dealerships like Barloworld's Mercedes and Volkswagen, and its large frontage on the Nepean Highway, which enhances visibility and accessibility.

The sale of the Homemaker Centre was completed on a yield of 9 percent, which is a key metric for investors assessing the property's income-generating potential.

The $31.5 million sale of the Homemaker Centre is a new high for the bayside area, exceeding previous sales that were typically in the $20 million range.

The Homemaker Centre has potential for future development due to its large frontage and ample car parking spaces, which could accommodate expansion or additional facilities.

The site where the Homemaker Centre is located was previously owned by Ikea, before being purchased by Barloworld in 2005 for $22 million.