Singapore-based private real estate fund management business Sim Lian–Metro Capital has acquired regional Victoria’s Shepparton Marketplace for $88.1 million.

The 16,535sqm sub-regional centre sits in a densely populated trade area close to national retailers including The Good Guys, Bunnings, Spotlight and Anaconda.

CBRE’s Simon Rooney and James Douglas negotiated the off-market sale on behalf of Dexus Wholesale Property Fund. 

“There is immediate potential to undertake a targeted remix of the centre’s speciality tenants and to enhance the casual dining offer, while the large 122,900sqm site includes 61,700sqm of vacant land, providing significant scope for future development opportunities,” said Rooney.

He added that investors were attracted by the centre’s strong combined sales performance and the exceptional income security of its major tenants Woolworths and Big W. The centre is also forecasted to grow turnover from $1.9 billion to $3 billion by 2036.