Home » Hunter Valley centre acquired for $23 million
Investment Industry News

Hunter Valley centre acquired for $23 million

Boutique investment house TAMIM Asset Management has acquired a homemaker centre at Rutherford in the NSW Hunter Region. The 12,040m2 large format retail centre transacted for $23 million, reflecting a core capitalisation rate of 7%.

The centre is situated in the suburb of Rutherford, 5km from the Maitland town centre and approximately 38km north west of Newcastle and 170km north of Sydney and is anchored by homeware tenants Nick Scali, Amart Furniture, Anaconda and Lounges Plus.

CBRE’s James Douglas, Senior National Director, Retail Capital Markets, Pacific said “Since the global pandemic, we have seen a marked increase in capital searching for large format and non-discretionary retail.”

“We expect assets with strong lease covenants and tenure, such as Rutherford, to continue to drive investor demand,” he continued.

Homemaker centres have attracted strong investor demand

19 Large Format Retail (LFR) assets transacted in 2020 for a combined $883 million – which by dollar value, represents a 5% increase year on year. 

About the author

Avatar photo

Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

Add Comment

Click here to post a comment