AMP buy Stud Park, Rowville shopping centre from Lend Lease
AMP Capital has purchased the Stud Park sub-regional shopping centre in Rowville in Melbourne's south east for $154 million.
It was bought from an unlisted Lend Lease wholesale fund on a net yield of 6%.
Stud Park will be owned by investors in AMP Capital's unlisted $700 million Wholesale Australian Property Fund, which comprises 11 properties, including the Casula Mall in south west Sydney.
The 26,100 square metre Stud Park Shopping Centre is 32 kilometres south east of the Melbourne CBD, is anchored by Coles and Woolworths supermarkets and a Kmart department store, alongside 58 specialty retailers.
It also houses the Rowville public library and has 1500 car spaces.
The fully-leased mall stands on its 10.3 hectare site sold through Lachlan MacGillivray, head of retail investment services at Colliers International inconjunction with Stonebridge Property Group.
Stud Park last traded for $102 million in January 2010 on a seven per cent yield, when it was acquired by Lend Lease's unlisted Australian Prime Property Fund arm.
