General News
SASS BROTHER’S OREANA PICKS UP $64M FOR RETAIL CENTRE
Author: Marisa
Wikramanayake Urban Developer
A northern Melbourne town centre they developed has been sold for north of $64 million by the high-flying Sass Brothers.
As demand for shopping centres and large format retail assets continues to run hot, national property group Oreana sold the Kallo Town Centre at Kalkallo to the ASX-listed Region Group, who paid $64.5 million for the property. Oreana realised a 5.98 per cent yield on the sale. Region Group comprises two registered managed investment schemes, Region Management Trust and Region Retail Trust. According to its website it owns and manages 92 convenience-based retail properties valued at $4.36 billion. The centre at Kalkallo, 30km north of the Melbourne CBD, was completed in late 2023 and spans more than 7000 square metres. Anchor tenant for the centre is Woolworths, which is on a 12-year lease. There are also 19 specialty
retailers, a medical centre and pharmacy, gym, childcare centre and petrol station. The centre is on a 21,524sq m site in the masterplanned Kalkallo community.
12 – February / March 2025
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