Charter Hall has sold a neighbourhood shopping centre in Canberra to a private investor in an off-market transaction worth $39 million.

Situated in Canberra's southern suburb of Wanniassa, Erindale Shopping Centre is anchored by a Woolworths supermarket and supported by 25 specialty shops.

The single-level shopping centre provides a strong non-discretionary retail tenancy mix with a GLA of 4,997square metres. 

At a glance: 

• The Erindale Shopping Centre in Canberra has been sold for $39 million at a yield of 6.37 per cent.
• The sale was conducted off-market via private treaty through Steven Lerche and Nic Purdue of Savills Australia on behalf of Charter Hall.
• The single-level shopping centre provides a strong non-discretionary retail tenancy mix with a GLA of 4,997square metres.

The sale also includes the adjoining properties known as Grattan Court, which include a further eight shops across four separate buildings.

The sale was conducted off-market via private treaty through Steven Lerche and Nic Purdue of Savills Australia on behalf of Charter Hall.

Mr Purdue said the transaction reflected Canberra's tightly held market.

"The sale of Erindale shows a yield of circa 6.37 per cent on the passing income," he said.

"This yield is in line with the sale of the Amaroo Shopping Centre that sold for 6.25 per cent and provides further evidence that demand remains strong for non-discretionary retail centres.

“Erindale Shopping Centre was built in circa 1985 and will provide the new owner with an opportunity to improve and upgrade the centre." 

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