Units 11&12, 2 Central Avenue, Moorabbin
Project Outcome
- Opportunistic acquisition of 9% strata stake in the Link Arcade.
- Property represents a small scale, higher yielding investment opportunity with strong long-term investment fundamentals given the core location of the asset in the Moorabbin Activity Centre.
Summary
- StatusDivested
- Location Unit 11&12, 2 Central Avenue, Moorabbin, VIC
- SectorMixed Use
- Debt FundingWestpac Banking Corporation
- Acquisition Date May 2021
- Building SizeN/A
- Land Area4860sqm
- ZoningActivity Centre
- StrategyPassive Long-Term Hold
Key project features:
- The combined site of Link Arcade, of which Units 11&12 represented 9%, was the largest remaining island site in the middle of the Moorabbin Activity Centre.
- More specifically, the site has 50m direct linkages to the train station and adjoins the recently refurbished large-format Woolworths Shopping Centre
- At the time of acquisition, the State Government identified the Moorabbin Activity Centre as one of 10 hubs to focus housing density to solve the housing shortage in Victoria. Link Arcade will, in time, play a key role in delivering on this objective.
- The site was directly adjacent to another 3,945sqm Align land holding and recently regenerated 6,000sqm, 1001 Nepean Highway.