Industry News

Harvey Norman nabs regional WA homemaker centre for $28.25m

Homemaker centres continue to attract strong investor demand

Sentinel Property Group has sold a homemaker centre in regional Western Australia to Harvey Norman for $28.25 million, as strong investor demand continues for homemaker centres. The pandemic fuelled demand for home improvement and furniture has established this category as a strong retail contender.

The 4.7-hectare Geraldton Homemaker Centre at 208-210 North West Coastal Highway has 12 tenants, including The Good Guys, Super Cheap Auto, Spotlight and Forty Winks. The property is about 420 kilometres north of Perth and has a gross lettable area of 15,948m2, with potential for expansion.

Sentinel acquired the centre for $27.3 million in 2015 and it was the group’s first WA investment.

“The decision to sell was based on Sentinel’s strategy of buying at an opportune time and then selling based on our view of the market,” said Warren Ebert, Executive Chairman and Chief Investment Officer, Sentinel Property Group.

In the past 12 months, Sentinel has sold City West Plaza in Melbourne’s Sunshine North for $39 million to Assembly Funds Management, a fund backed by Westfield founders the Lowy family, and the Riverdale Shopping Centre in Dubbo NSW for $20.17 million. The business has its focus on industrial asset growth.

“Retail made up of 61.34% of the Sentinel portfolio in June 2015, but this has reduced to 28.1% of the portfolio by February 2021,” Ebert said.

About the author

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

Advertisement

Advertisement