Located on High Street, the development site was purchased for $11.5 million by the Aventus Group. The site was one of nine placed on the market in Queensland, South Australia and Victoria following Kaufland's exit from Australia early in 2020. Major property sales such as this are often advertised widely using strategic brochure printing campaigns.
According to agent Alysia Reilly, of Colliers, great interest and benchmark results were attracted and, she added:
"The Kaufland portfolio campaign generated unprecedented levels of enquiry from private developers, fund managers and offshore capital with the highly exposed sites attracting very strong competition in the face of escalating COVID-19 conditions."
The acquisition of the Epping site, which sits adjacent to Aventus' Epping Home Centre, is expected to be completed by the end of July. CEO of Aventus, Darren Holland said the corner site was strategically placed and enjoyed a high profile, being situated between the Epping Plaza shopping centre and the train station.
He said the catchment of Epping was growing fast and by 2024, it is expected that the main area of trade will attract some 100,000 more people.
The sale of another Victorian Kaufland site in Dandenong was also announced recently. Located at 1-3 Gladestone Road, the site was acquired by the Woolworths Group for $18.2 million. According to a spokesperson for Woolworths, the new owners are looking forward to engaging with the community and Council in regard to future development plans.