Central Equity directors turn to small malls for better returns

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Central Equity directors turn to small malls for better returns
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The families behind apartment giant Central Equity are buying up regional malls and shops on suburban strips amid a revival in retail property demand.

The families behind Victoria’s biggest apartment developer, Central Equity, have paid more than $20 million for a Woolworths-anchored neighbourhood mall 100 kilometres from Melbourne as high net worth investors see good value in the reviving retail property sector.

“We like the secure returns we’re getting on long-term leases from tenants like Lululemon, Coles and Woolworths. These are all long-term holds for us.”Mr Kutner said the Drouin acquisition was not related to the Central Equity development business, best known for its high-rise apartment towers in Melbourne. The “Meriton of Melbourne” posted profits after tax of just $4.7 million last year amid tough conditions in the apartment market.

“We attribute the heightened interest to the defensive quality of the income profiles on offer, with private capital looking to the neighbourhood shopping centre sector as an attractive balance of security and yield,” Mr Taylor said. More than 90 per cent of major shopping centres showed healthy increases in turnover over the previous year, according to the report.

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