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Charter Hall acquires Campbellfield Plaza for $74 million

Campbellfield Plaza, home to one of the highest trading Kmart stores

To round out the year, another sub-regional centre has transacted with Charter Hall Retail REIT acquiring Campbellfield Plaza from ISPT for $74 million. JLL’s Simon Rooney, Stuart Taylor and Tom Noonan have exclusively negotiated the sale of a 100% interest in Campbellfield Plaza in Melbourne, the sale represents a fully leased yield of 6.5%.

Campbellfield Plaza is an established, convenience-based shopping centre located in the rapidly evolving northern suburbs of Melbourne only 14km from the CBD. The 17,900m2 centre is anchored by Coles, Kmart, Aldi and Officeworks, complemented by 19 mainly non-discretionary specialty stores and a Kmart Tyre & Auto and at grade car parking for over 800 vehicles.

The centre is a highly secure and defensive asset, with over 80% of income generated by the strong performing anchor tenants, including one of Victoria’s strongest performing Kmart stores.

Positioned on a key arterial intersection of Sydney Road (Hume Highway) and Mahoneys Road within a major employment precinct, the centre provides a significant total land area of approximately 58,600m2.

Campbellfield Plaza

Head of Retail Investments, Australasia, Simon Rooney said “Investor demand remains robust from a range of buyers for these major convenience-based shopping centres that are dominated by the more resilient retail categories such as grocery, F&B and retail services. Institutional and private investors are seeing relative value in the retail sector and are making tactical acquisitions.”

“REITs have been selective buyers in this sub-sector with SCA Property Group having recently acquired a portfolio of sub-regional and neighbourhood assets from Vicinity Centres for $573 million”.

Senior Director of Retail Investments, Victoria, Stuart Taylor said “Retail and wholesale unlisted funds and private investors have also been driving recent sub-regional acquisitions with the view to extract value from optimizing the tenant mix and utilising surplus land”.

Retail Investments, Victoria, Director, Tom Noonan commented “We have seen $7.2 billion of retail assets transact in the year to date inclusive of the recent sale of Campbellfield Plaza”.

Sub-regional transactions 2018

Property Name Date Sale Price Buyer
Waverley Gardens Shopping Centre, VIC Nov-18 178,000,000 Elanor Investors Group
Warnbro Centre, WA Oct-18 92,900,000 SCA Property Group
West End Plaza, NSW Oct-18 66,000,000 SCA Property Group
Lavington Square, NSW Oct-18 52,000,000 SCA Property Group
Burwood One, VIC Oct-18 181,500,000 Private Investor
Belmont Village, VIC Sep-18 58,000,000 Private Investor
Sturt Mall, NSW Aug-18 73,000,000 SCA Property Group
Ashfield Mall (50%), NSW Jul-18 102,300,000 ISPT
Gateway Plaza Leopold, VIC Jun-18 117,000,000 Charter Hall Prime Retail Fund /

Charter Hall Retail REIT

Lidcombe Centre, NSW Jun-18 145,000,000 Private Investor
Grand Plaza Shopping Centre (50%), QLD Apr-18 215,000,000 Invesco Real Estate
Brandon Park Shopping Centre, VIC Apr-18 135,000,000 Newmark Capital
Churchill North Shopping Centre (50%), SA Apr-18 42,500,000 Inheritance Capital Asset Management (ICAM)

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