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.
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)|