The shopping centre spans over 7,000sq m and has a 12-year lease agreement with Woolworths. It also leases to 19 specialty retailers, medical/pharmacy, a gym, childcare centre and fuel station.
The sale represents a 5.98 per cent yield for Oreana. Recently, the company acquired land sites in Morayfield in Queensland and North Ellenbrook in WA.
“Neighbourhood shopping centres have shown remarkable resilience and growth in demand post-Covid and Kallo Town Centre’s strategic location in Melbourne’s growth corridor makes it an excellent investment,” said Tony Sass, Oreana MD.
Meanwhile, Oreana has already started construction works at the $18M Farm Gate Local shopping centre in Clyde, the $75M Botanic Village town centre in Mickleham and the $32M Linfield Place shopping centre in Wollert.
