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.
