HMC Capital has acquired Brandon Park Shopping Centre in Melbourne for $107 million, expanding its HomeCo Last Mile Retail Logistics Fund assets.

The property comprises 5.81ha of land and a gross lettable area of 23,038sqm, with Coles and Aldi among its major tenants. The centre has five mini-majors and 86 specialty tenancies and kiosks.

“The offer attracted keen interest from a wide range of investors given its metropolitan Melbourne location coupled with the opportunity to enhance the retail offering via strategic repositioning,” said Simon Rooney from CBRE.

“The site also offers future potential for a large-scale, mixed-use development opportunity subject to the relevant planning approvals,” he said.

HomeCo Last Mile Retail Logistics is an unlisted wholesale fund focused on essential daily needs assets.

Rooney, along with James Douglas and David Minty, negotiated the sale on behalf of Newmark Capital, with JLL acting as the joint agent.