Private investor buys Tarneit's Wyndham Village for $33m

The Age

Wednesday February 17, 2010

PHILIP HOPKINS

WYNDHAM Village shopping centre at Tarneit, in Melbourne's west, has been sold to a private investor for $33 million.The sale represents a fully leased initial yield of about 9.18 per cent, a passing initial yield of 8.06 per cent and a rate of $2397 a square metre.The transaction was negotiated by Simon Rooney, of Jones Lang LaSalle, on behalf of First State Developments. The centre, completed in August 2005, has 13,770 sq m of lettable area, with car parking for 747 vehicles.Mr Rooney said there was limited need for short to medium-term capital expenditure. Coles anchors the western side while Aldi anchors the east, with specialty shops along an internal mall. The southern and eastern sides also have external tenants, who have direct exposure to the car park.The centre, 25 kilometres from the Melbourne CBD, is bounded by three street frontages, including Morris and Sayers roads. Wyndham Village services an area of about 21,970 people that is expected to grow to about 51,970 people by 2021.