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Former Macquarie executive eyes sale of Melbourne retail hub for A$170M

Australian developer Guy Nelson expects to fetch at least A$170 million from selling an under-construction retail property in Melbourne's Alphington inner suburb, The Australian Financial Review reported.

The Village Alphington property is part of a 17-hectare urban renewal project that will also feature 2,500 residential units, serviced apartments, an aged-care facility and over four hectares of community space upon its completion, according to the publication.

Village Alphington will be anchored by Coles and Aldi supermarkets. It is expected to commence operation by 2021-end and will comprise 13,000 square meters of retail space and more than 10,000 square meters of commercial space. The shopping center is being sold with the help of Colliers International, the Aug. 12 report added.

The developer is owned by Nelson, who was formerly a Macquarie Group Ltd. executive.