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Development Victoria sells town centre site for $12.3 million

(Source: Supplied)

Melbourne’s Riverwalk Town Centre has been acquired for $12.3 million by Oreana Group from the state government’s property arm Development Victoria.

The 3.01ha shopping centre site lies 35kms from the Melbourne CBD in the area of Werribee. Since 2011, the government property developer has been delivering homes, infrastructure and open space throughout the Riverwalk estate.

Oreana Group’s director of property, Paul Bourchier said: “The acquisition will strengthen the business’s substantial development portfolio which consists of a range of activity centres, convenience and childcare projects.”

Colliers’ retail investment services directors Mike Crittenden and Tim McIntosh negotiated the sale.

Crittenden says securing retail investments and shopping centres around metropolitan Melbourne is a priority for top investors.

“Development interest has been driven by the ongoing strong demand by passive investors for shopping centre assets where supply remains extremely constrained,” he said.

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