Mildura Central changes hands

A private investor has bought Mildura’s largest enclosed shopping complex for more than $80 million.

Mildura Central, which is home to more than 70 shops including Woolworths, Target and JB Hi-Fi, reportedly sold to Melbourne-based IP Generation for $81.1 million.

The Centre was last sold in 2014 when it was picked up by Vicinity Centres and added to its Enhanced Retail Fund for $109.75 million.

The 26 per cent price drop is largely attributed to uncertainty around the future of one of the Centre’s largest retailers. Target is nearing the end of its lease with Mildura Central, and it is unknown if the lease will be renewed. 

Insider sources say if the Australian retailer chooses not to renew its lease, IP Generation is likely to undertake a repositioning or redevelopment of the facility.

The deal was brokered by Lachlan MacGillivray of Colliers International and highlights the continued demand for strongly performing regional assets.

The wholesale fund which had contained Mildura Central shopping centre is managed by Vicinity Centres, prompting speculation the group may be considering offloading more of its $1.6 billion small centre portfolio. 

Mildura Central is a key retailer in Sunraysia, occupying a landmark 7.35-hectare site in the heart of Mildura. It houses a strong mix of tenants, anchored by Woolworths and Target.

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