2SYDNEY-based billionaire property developer Lang Walker is hoping to achieve about $200 million from the sale of a near new shopping centre, in a near-new suburb, in Melbourne’s west.
Funds from the sale of the Point Cook Town Centre will go toward funding the development of Australia’s largest single office development – Collins Square, in Docklands.
Collins Square will include five office buildings, flanked by a lower level shopping centre, exploiting the 200 metre frontage of Mr Walker’s Docklands site. All up the project is expected to add 185,000 square metres of high end office space to the Melbourne market.
The Australian Tax Office, Marsh Mercer and publisher Pearson Group have leased office space within Collins Square. According to the AFR, about 40 per cent of the development is pre-committed.
“We’re more comfortable with commercial than residential in Melbourne at the moment,” Mr Walker said.
Mr Walker is expected to sell some of those offices in the medium and long term.
The Point Cook Town Centre includes a Coles, Aldi, Target and Harris Scarfe as anchor tenants. It also includes 100 specialty shops and a 6230 square metre commercial component.
Elsewhere in Melbourne, Mr Walker is redeveloping the Kew Cottages site, in the ritzy east.
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