Aventus Group expands its footprint in Epping, VIC with $11.5m development site purchase
Aventus Group has purchased a 31,470 sqm development site for $11.5m from Kaufland Australia. The site adjoins Aventus Group’s Epping Home centre, and completion of the acquisition is said to occur in late July 2020.
Earlier this year German supermarket giant Kaufland suddenly pulled the pin on its $500 million plans to expand in Australia, citing the need to focus on its European operations.
“Aventus is excited to have secured this site which adjoins our current Epping Home centre,” said CEO Darren Holland.
Aventus Group’s Epping Home centre has 30 retailers including some of Australia’s leading Large Format Retail brands.
“Epping is one of the fastest growing catchments of Melbourne, with the main trade area due to grow by 100,000 people or 36% by 2024,” added Mr Holland.
This acquisition increases Aventus Group’s land holding in Epping to over 90,000 sqm and site coverage (or floor space ratio) of the existing centre will reduce to 24% post completion.
“The land also has the benefit of being located in an Activity Centre Zone which is flexible and allows mixed use, retail, residential, office, medical and Large Format Retail,” commented Mr Holland.
The high-profile corner site is strategically located in metropolitan Melbourne, 20 kilometres from the CBD and positioned between Epping train station and Epping Plaza; a major shopping centre with over 230 specialty shops.
This acquisition will be funded through existing debt facilities. This acquisition adds to Aventus Group’s substantial land holding, which is now over 1.2 million sqm across 20 locations. 73% of these sites are metropolitan and the majority being east coast locations in Australia.
Aventus Group is Australia’s largest fully-integrated owner, manager and developer of large format retail centres in Australia.