Buyers see upside in Village Stephen Taylor firstname.lastname@example.org A SYNDICATE of Chinese families has paid $39.4 million for the Mornington Village shopping centre. The sale represents a healthy profit for the Melbourne accounting firm which bought the two-level, 7963 square metre property for $25.8 million four years ago. The centre, on the corner of Main and Cromwell streets, has both Woolworths and Aldi supermarkets, The Reject Shop and Soul Pattinson Chemist, and 15 shops. The purchase price resents a 5.26 per cent yield on an annual passing rental return of $2.071 million. When the centre last sold the yield was 7.47 per cent. Selling agent CBRE’s national director Mark Wizel said yields had come down from 6.5 per cent to the mid-fives over the past 12 months. “Yes, yields are tighter, but there’s the upside of longer-term value on well-sited assets, such as this one,” he said. “Most of these shopping centres are in the best parts of town. However, this is essentially a long-term passive investment.” CBRE’s Justin Dowers said residential population growth, along with tourism, had driven a “string of retail investment sales on the Mornington Peninsula in recent years”. These had attracted a broad range of buyers including institutions, syndicates and private investors, he said. The sales included Hastings Central
Activist to speak
On the money: Mornington Village shopping centre has sold for almost $40 million. Picture: Yanni
Shopping Centre bought by Henkell Brothers for $32.1 million; Bentons Square (half-share, Vicinity Centres, $38.25 million); Bunnings Warehouse Hastings (local syndicate, $15.16 million); and Somerville Mall (private investor, $42.05 million). “While these sales have occurred over several years there is no doubt
they reflect the growing interest in a market which investors have recognised as providing excellent growth potential,” Mr Dowers said. The fundamentals of the peninsula’s market had strengthened over recent years on the back of the completion of Peninsula Link, which extended the Mornington Peninsula Freeway, and
also Eastlink. “Freeways, such as Peninsula Link, which provide traffic-light-free access to most of Melbourne, have opened the peninsula up to a much greater demographic along with a substantial increase in tourist numbers,” Mr Dowers said.
AUTHOR, activist, and the national representative of the Tertiary Education Union for Aboriginal and Torres Strait Islanders, Celeste Liddle, will speak at the July meeting of the Southern Women’s Action Network (SWAN). Ms Liddle, an Arrernte woman, will be speaking during NAIDOC Week, 8-15 July. Her name was on the 2017 Honour Roll of Women for her commitment to uplifting the status and wellbeing of Aboriginal people, particularly women. SWAN is a not-for-profit organisation which has been meeting bi-monthly for the past 21 years to promote action for social justice. The meeting featuring Ms Liddle starts at 9.30am Sunday 1 July at the Mornington Peninsula Shire Library, corner Vancouver and Queen streets, Mornington, Cost is $8 (including morning tea). Details: www.swanwomen.org.au or call Erica Churchill on 0404 811 422.
FREE COMMUNITY EVENT to encourage community members to have a bit of fun celebrating the shortest day of the year, the Winter Solstice!
Any person of any age is welcome to join the event. The swim will be a 50m dash or alternatively you may participate in the novice event, the quick dip in and out!
Tuesday 26th June 2018 6.30pm until 9.30pm
DATE: Thursday 21st June 2018 TIME: 4.30pm - Registration 5.00pm - in the water COST: FREE
• Hot Chocolate and Sausage Sizzle provided, following the swim (gold coin donation) • Costumes encouraged! Wetsuits optional
Pre-registration welcome at www.eventbrite.com.au/e/ymca-winter-solstice-swim-tickets-46176591428
Like our Facebook page for event updates @YMCACampManyung
Registration and prepayment is required by 15th June 2018 Members and their guests $49 each Non Members and their guests $69 each (includes a drink on arrival and a 2 course meal) Bookings must be made online at: http://www.peninsulabusinessnetwork.org.au under Events For more information please contact Melinda Ryan on 0409 101 822 Gold Sponsors
9788 1100 email@example.com Sunnyside Road, Mt Eliza VIC
Mornington News 12 June 2018
Mornington News 12 June 2018