Fresh Insights

06 Apr 2023

Expansion of our Victorian portfolio with 50% interest in Sunshine Marketplace

Aware Real Estate are pleased to announce the 50% acquisition of Sunshine Marketplace, Victoria, positioned within a thriving and interconnected precinct experiencing substantial growth and investment. Vicinity Centres (VCX), one of Australia’s leading retail property groups with a fully integrated property management platform owns and manages the other 50% interest.

Sunshine Marketplace is one of the largest landholdings in metropolitan Melbourne in the sub-regional sector. Strategically positioned in one of nine Melbourne metro activity centres and just 400 metres from Sunshine railway station.  Sunshine Marketplace’s substantial 12.2ha landholding supports an array of potential mixed-use developments with major tenants include Woolworths, BigW and Village Cinemas plus 52 specialty tenants, 10 kiosks, and other convenience retail amenities.

The site includes an approved stage 1 Development Plan supporting the overall masterplan. Furthermore, a DA approved entertainment and leisure precinct (ELP) has been sought, in addition to an approved DA for 84 key serviced apartments and new 13,000 sqm office building.

This new acquisition aligns with Aware Real Estate’s investment strategy, adopting a long-term investment horizon in establishing high quality property portfolio.

The Government’s vision for the Sunshine Precinct is to be the centre of Melbourne’s booming west, further supporting our strategy to invest in this asset.

“The Sunshine Priority Precinct vision sets out a framework for leveraging unprecedented infrastructure investment to double the resident and business jobs population in the precinct and to become the powerhouse in Melbourne’s west” Former Brimbank Mayor Cr Ranka Rasic

Thank you to our capital partner Aware Super and our project partners Altis Property Partners for all your hard work and support to finalise this acquisition.

 

Aware Real Estate acknowledges Aboriginal and Torres Strait Islander people as the Traditional Owners of the lands and waters of Australia where we build. Our company, team and partners offer respect to Elders past, present and emerging.