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- Aventus Group (AVN) has purchased a development site from Kaufland Australia for $11.5 million
- The site is the neighbour of the company’s Epping Home centre and is strategically located in metropolitan Melbourne, 20 kilometres from the city
- The population in Epping is expected to grow 36 per cent by 2024
- Aventus will fund the purchase through existing debt facilities
- On market close, Aventus is up 3.64 per cent and is selling shares for $2.28 each
Aventus Group (AVN) has purchased a development site for $11.5 million from Kaufland Australia.
The site is the neighbour of the company’s Epping Home centre and is strategically located in metropolitan Melbourne, 20 kilometres from the city.
“Epping is one of the fastest-growing catchments of Melbourne, with the main trade area due to growing by 100,000 people or 36 per cent by 2024,” CEO Darren Holland said.
The land is also near Epping train station and the Epping Plaza shopping centre.
‘This acquisition increases our Epping landholding to over 90,000 square metres and site coverage (or FSR) of the existing centre will reduce to 24 per cent post completion,” Darren explained
“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,” he added.
Aventus will fund the purchase through existing debt facilities. This acquisition adds to the substantial landholdings by Aventus, which is now over 1.2 million square metres across 20 locations.
On market close, Aventus is up 3.64 per cent and is selling shares for $2.28 each.
