The latest AFR reports that ALZ has entered into a $23MN sale and development deal for a shopping centre in Melbourne signalling its growing interest in retail development.
The 5300sqm Watervale SC within the ALZ residential development in Taylor's Hill (in Melbourne's west) has been pre-released to Woolworths as anchor tenant on an initial twenty year term.
The site was sold to a private investor at an estimated yield of 8%. It will be developed by ALZ as its first greenfield retail project and completed later this year.
ALZ will look at employing a similar strategy with its residential developments in Sydney and elsewhere in Melbourne.
Add to My Watchlist
What is My Watchlist?