Shopping centre’s cut-price sale

– Danielle Galvin
JUST five years after the Pakenham Place shopping centre was bought for $60.5 million, property developer Lend Lease is expected to sell the centre at a loss.
Pakenham Place was bought by Lend Lease and the Australian Prime Property Fund in 2005, when the population in the area was booming.
In the Saturday Age’s Business Day, it was predicted to sell at a loss of $15 million.
Retailers at the centre include Target, Coles, Priceline, as well as smaller food and shopping outlets.
At the time of the sale, local retailers and businesses were thrilled by the development prospects for Pakenham.
Just five years on, and at a predicted loss of $15 million, Lend Lease has listed the sale of the complex.
Cardinia Shire Mayor George Blenkhorn says he is looking forward to working with the new developers to expand the shopping complex.
“We are interested in any improvements and developments for Pakenham,” he said.
Lend Lease bought the centre when it was 20 years old, and were expected to expand and redevelop the ageing centre.
Little has been done in the years since the sale.
“I’d like to see redevelopments of Pakenham Place, which would be great for the community,” Cr Blenkhorn added.