- From: The Australian
- June 02, 2011
BILLIONAIRE developer Lang Walker might swap his Point Cook Town Centre in Melbourne for Stockland’s Myuna Complex in Canberra in a deal believed to be worth about $200 million.
The Myuna Complex consists of five office properties located in the Canberra CBD, with frontage to Northbourne Avenue, Mort Street and Cooyong Street.
The complex, valued at $47.1m in December, also includes the Drakeford building and 68 Northbourne Avenue, and the properties are earmarked for redevelopment.
Stockland is believed to be conducting due diligence on Point Cook Town Centre. It declined to comment yesterday.
The listed property trust has been reweighting its portfolio to retail, residential and retirement assets, and has a large portfolio of industrial properties listed for sale.
Those industrial assets are being considered by overseas groups including Singapore’s GIC, Aviva and possibly Mapletree, based in Singapore.
It is understood that Stockland has previously tried to swap office assets for retail properties.
Mr Walker is believed to be partial to development opportunities in Canberra after his company, Walker Corp, successfully developed the $280m headquarters for the federal Department of Education, Employment and Workplace Relations in the city. The building, comprising 40,000sq m of office space, was finished last year.
Mr Walker remains cashed up after selling most of his property holdings for $1.25 billion in 2006 and has a property development pipeline worth at least $4.3bn.
He declined to comment on Point Cook or Stockland’s Canberra assets.
Point Cook Town Centre is a $150m Walker Corp development on a 10ha site, 23km southwest of Melbourne’s CBD.
The centre features street-side strip shopping and more than 120 specialty retail stores, servicing the Wyndham community. It is anchored by Coles, Target, Harris Scarfe and Aldi.
Walker Corp is developing the $1.3bn Collins Square project in Melbourne’s Docklands, which is Australian’s largest commercial mixed-use development.