Frasers Completes $77.3M Sale of Melbourne Shopping Centre to Sydney’s HMC

Frasers Property has sold an eastern Melbourne shopping centre to a private fund managed by Sydney’s HMC Capital for A$107.3 million ($77.3 million), marking the latest in a series of Australian divestments by the Singapore-based developer.

The developer controlled by Thai billionaire Charoen Sirivadhanabhakdi marked the retail component of the Burwood Brickworks residential community as sold on its website on Monday, with brokerage Stonebridge Property Group, which handled the sale together with CBRE, confirming closure of the deal in a LinkedIn post the same day. 

“The transaction highlights continued investor demand for premium neighbourhood shopping centres, particularly given the difficulty in replicating assets of this quality,” Stonebridge Property said in the social media announcement.

Frasers’ closure on the sale of the seven-year old community mall comes just one week after the company agreed to sell the Eastern Creek Quarter retail precinct in western Sydney for A$400 million, with the company continuing to market another Sydney shopping centre and a portfolio of Melbourne logistics assets.

Prize Winning Community

Burwood Brickworks Shopping Centre is located around 20 kilometres (12.4 miles) east of Melbourne’s financial centre and supports Frasers’ Burwood Brickworks 753-home residential community, 

The Burwood Brickworks project won the Property Council of Australia’s Innovation & Excellence Awards in 2025 for best mixed-use development and a 6 Star Green Star Design & As Built rating from the Green Building Council of Australia in March 2022.

With anchor tenants supermarket chain Woolworths, liquor retailer Dan Murphy’s and cinema operator Reading Cinemas, the shopping centre has a gross lettable area (GLA) of 13,334 square metres (143,500 square feet) with the centre’s more than 40 tenants representing a mix of chain stores and local shops across food and dining, entertainment, retail services and health and wellbeing.

The sale price translates to A$8,047 per square metre for the complex, according to Mingtiandi calculations. The complex had 99 percent occupancy with a weighted average lease expiry of 8.2 years, according to a sale analysis circulated by CBRE. Frasers and HMC Capital declined to comment.

In addition to its deal to sell Eastern Creek Quarter to Sydney’s Vicinity Centres, Frasers in April this year agreed to sell its 366-unit Brunswick & Co development in Brisbane’s Fortitude Valley for a reported A$285 million. 

The company continues to market Ed.Square Town Centre, a shopping and entertainment hub adjacent to Sydney’s Edmondson Park Train Station for a reported A$250 million, and brokers began promoting a portfolio of five of the company’s Melbourne industrial assets in April.

Ramping Up Retail

Aiming to pioneer US-style fund management in Australia, HMC Capital invests in real estate, digital infrastructure and alternative energy as well as corporate buyouts and private credit businesses, with about A$19.5 billion in assets under management. The HMC Australian Retail Partnership Fund has secured A$200 million of transactions this year, according to a presentation by the company on 24 February.

In an update at an investor conference in Sydney on 6 May, chief executive David Di Pilla said the company was deploying A$600 million to reach A$1 billion in assets under management for the retail fund. The company has overall real estate assets under management of A$10.2 billion, according to Di Pilla’s presentation.

Earlier this month, HMC Capital’s ASX-listed DigiCo Infrastructure REIT said it has agreed to sell a nearly complete Chicago data centre for $750 million, with the company also looking to sell two Los Angeles data centre projects after opposition from local residents.