Spring Farm Shopping Centre, south of Sydney, is under contract as the first acquisition of Primewest's new $300 million retail property trust.

Situated on a 2.1-hectare landholding, the centre is anchored by a Woolworths supermarket and has a long-term WALE of 7.3 years.

Primewest Executive Chairman John Bond said the new trust would acquire up to $300 million of retail assets across several states with a pipeline of potential opportunities, adding that COVID-19 had shone a light on a number of highly successful retail assets that had continued to perform well during the crisis.

At a glance: 

• Primewest has acquired the Spring Farm Shopping, south of Sydney, for an undisclosed amount.
• The company has announced the establishment of a new $300 million retail property trust.
• Spring Farm Shopping Centre is anchored by a Woolworths supermarket and has a long-term WALE of 7.3 years.

Source: Primewest

“This made a new retail trust highly attractive, especially given the defensive nature of the Spring Farm centre which had proved to be very resilient and therefore highly attractive as an investment,” he said.

Spring Farm Shopping Centre is well established in a growing residential catchment area and is immediately opposite the soon to be open Spring Farm Community Centre which will increase foot traffic to the centre.

Mr Bond said Woolworths was proving to be a very strong and defensive tenant, which combined with the strong specialty tenant mix and length of leases made the centre highly attractive.

“The Woolworths supermarket at Spring Farm performs strongly and other facilities nearby include a McDonald’s, KFC and a Caltex service station, all of which add to the overall appeal of the centre.”

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