The Pearcedale Village Shopping Centre, at 75-99 Baxter-Tooradin Road, exchanged hands for $6.8 million, reflecting a yield of 6.5 per cent based on the asset's annual rental return of $442,000.

The yield is considered low given the centre doesn't have an anchor tenant. Instead, the  2064-square-metre block includes 14 specialty retail shops around an 85-plus bay car park.

BP, Bendigo Bank and an IGA Supermarket are high profile tenants.

The complex abuts a vacant block of land zoned general residential, which allows for medium-ensity development. The local primary school  is less than 100 metres away.

Pearcedale is about 50 kilometres south-east of Melbourne, immediately south of Cranbourne South and near Langwarrin – both suburbs which have seen increased new home development over recent years.

CBRE​ agents who negotiated the deal said the new owner, a private investor, could easily build three more tenancies within the complex.

"The property's future growth prospects, sub $10-million price point and the lack of Victorian retail assets for sale were key selling drawcards," CBRE​ associate director Justin Dowers said.

Mr Dowers marketed the centre with Mark Wizel​ and Rorey​ James.

The sale follows QIC paying $26 million for the Coburns Central Shopping Centre in Melton, about 35 kilometres west of Melbourne (and abutting QIC​'s Woodgrove retail asset which it just extended).  The Coburns Central deal was struck on a yield of 5.8 per cent.

Also in the west this month, a Masters Home Improvement leased store at Williams Landing sold to listed developer Cedar Woods for $36 million on a yield of 6 per cent.

Last month, the Maroondah Village Shopping Centre sold for $13.3 million, reflecting a yield of 5.4 per cent. This Croydon complex failed to sell when it was listed in 2012.