26/02/2015 - 15:17

First retail purchase for Poli's property play

26/02/2015 - 15:17

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First retail purchase for Poli's property play
The Wattle Grove site attracted considerable interest from investors.

Former Aquila Resources boss Tony Poli is advancing plans to build a new shopping centre in the eastern suburbs, after his property development company bought a vacant site for $2.6 million in a deal brokered by Colliers International.

The site, located at 332 Hale Road in Wattle Grove, has a development approval in place for a neighbourhood centre, but Mr Poli’s Aigle Royal Developments will amend the plan to suit the needs of a potential anchor tenant it is in ongoing negotiations with.

Aigle Royal Developments property investments general manager Wayne Lawrence said the site was the first in a number of acquisitions the company was planning with a significant war chest of funding.

Mr Poli received around $400 million after Aquila was taken over by China’s Baosteel and Australia’s Aurizon.

“Our general strategy is to build a sizeable portfolio of quality retail, industrial and commercial assets, and we don’t mind developing from the ground up to get there,” Mr Lawrence said.

“The Wattle grove property offered a very good start for us, and one we believe will provide us with an excellent long-term investment on completion.

“Negotiations are well advanced with a major retail anchor tenant for the centre, and we will be lodging an amended development application very soon to facilitate that.”

Colliers International retail investment services manager Ben Tana said the 10,621 square metre site had attracted significant interest when it was offered for sale late last year.

“Wattle Grove is a well-connected area with a growing residential population, and no major retail facilities within its boundaries,” Mr Tana said.

“The opportunity to be the first to secure a site and capture that market and its potential future growth clearly appealed to a number of investors.” 

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