Busy private developer Ross Pelligra has bought a major mall at Dandenong, the commercial hub in Melbourne’s south-east, in a $145 million deal that brings with it the prospect of a substantial redevelopment.

Dandenong Plaza, a 54,000-square-metre mall, was acquired from MA Financial, which managed the asset on behalf of a fund whose investors include the Abu Dhabi Investment Corporation. That fund, previously managed by Armada, acquired the shopping centre for $197 million in 2015 from GPT.