Melbourne’s Chirnside Lifestyle Centre has been acquired by IOOF Investment Services for $50 million from its developers MaxCap Group and Troon Group.

The large format retail site occupies 11,100sqm including 286 car park spaces and was 100 per cent pre-leased when construction concluded last December.

The site is located 32km northeast of Melbourne’s CBD in Chirnside Park and has a tenant profile of national brands including Fantastic Furniture, Baby Bunting, Harris Scarfe and Super Cheap Auto.

Simon Hulett, the head of direct investment at MaxCap Group, said: “The development represents a highly defensive retail investment backed by long leases to national tenants with strong covenants.”

The sale was managed by Colliers and Stonebridge Property Groups and received high interest from offshore, private and syndicate investors, according to Tim McIntosh, director of Colliers. He said the deal “reinforces” the depth of buyer demand for this particular type of development.

“The limited supply of high-quality metropolitan shopping centres has seen a growing theme of increased interstate and offshore purchaser activity.”