Regional Victorian shopping mall Shepparton Marketplace has been sold to Singapore-based real estate management fund Sim Lian–Metro Capital for $88.1 million.

The 16,535 square metre mall boasts anchor tenants Big W and Woolworths, and is situated in a high-traffic retail centre with branches of The Good Guys, Bunnings, and Anaconda.

“There is immediate potential to undertake a targeted remix of the centre’s speciality tenants and to enhance the casual dining offer, while the large 122,900sqm site includes 61,700sqm of vacant land, providing significant scope for future development opportunities,” said CBRE’s Simon Rooney, who negotiated the sale on behalf of Dexus Retail.

Rooney said the centre is expected to grow its turnover from the current $1.9 billion to $3 billion by 2036.