COLONIAL First State pocketed $14 million this week from the sale of a portfolio of shops opposite its sizeable Forest Hill Chase Shopping Centre in Melbourne’s east. They Sydney-based developer and fund manager offloaded 18 of the 23 shops listed for sale, and after a campaign targeting mum and dad investors. The sold shops range in size from 50 square metres to 500 square metres, and traded for between $350,000 and $2.5 million, and on yields of between 3.78 per cent and 8 per cent.
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