GLG Group make $25 million High Street, Armadale retail purchase

GLG Group make $25 million High Street, Armadale retail purchase
GLG Group make $25 million High Street, Armadale retail purchase

The Langer family's GLG Group has paid around $25 million to buy on High Street, Armadale.

It is more than a dozen shops running from 1167-1193 High Street.

It was in an off-market deal believed by Fairfax Media to have been struck on a yield well under 4%.

High Street, Armadale ranks as one of Melbourne's better performing retail strips with the vacancy rate falling to 3.9% in July from 6.4% a year ago, according to Knight Frank.

GLG director Campbell Blennerhassett said the site was bought because it was a "magnificent piece of land in the middle of Armadale".

It may look to refurbish the shops which were sold by a local Goodrich family.

Tags: 
Retail Sales Armadale

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