Recent History
In December 2004, Melbourne businessman Maurice Alter sold the Forest Hill Chase shopping centre to listed retail property trust CFS Gandel, managed by Colonial First State Property, for $214.5 million.
The sale was close to being the largest national (Australian) retail property deal of the year and which included property management rights and the potential for redevelopment.
At the time of purchase, Colonial First State Property fund manager Bevan Towning ruled out any immediate major redevelopment plans, saying the intention was to change the centre's retailing mix by introducing the same national brands it had at its other shopping centres, Chadstone and Northland. They also wanted to revitalize the centre and give it a "New look."
The 64,935 square metre Forest Hill Chase was the first shopping centre built in Victoria by Mr Alter's group, Pacific Shopping Centres, with George Herscu, in 1964.
Read more about this topic: Forest Hill Chase Shopping Centre
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