One of Newcastle’s newest neighbourhood shopping centres has sold to ASX- 200 listed real estate fund manager, Centuria Capital Group, on behalf of its global institutional investor, in a deal worth $60.25 million.

The Colliers team of James Wilson and Alex James-Elliott negotiated the deal for Cameron Park Plaza on behalf of Woolworths Group’s development business Fabcot, attracting both high net worth private investors and institutional capital. There were over 180 purchaser enquiries and 11 first round offers throughout the on-market Expressions of Interest campaign.

“Cameron Park Plaza generated incredibly competitive bidding from private and institutional investors, with the non-metro NSW Neighbourhood Shopping Centre campaign recording 5 offers at or below a 5 per cent fully leased yield,” Mr Wilson said. “The benchmark result highlights the depth of market targeting high quality Neighbourhood Shopping Centres that feature strong income growth potential”.

The single-level 7,037 square metre centre is anchored by a 3,857 square metre Woolworths and BWS. The supermarket is complemented by a medical centre, PETstock, Snap Fitness and 17 specialty shops with over 90 per cent of gross income underpinned by national and chain retailers. It was constructed in September 2020 and is situated in Newcastle’s rapidly developing Western Growth Corridor, 17 kilometres west of the Newcastle CBD and 110 kilometres north of the Sydney CBD.

“The campaign has resulted in circa $500 million of qualified, undeployed capital, that is required to be invested,” Mr James-Elliott said. “We are currently working with a select number of the underbidders seeking to secure similarly strong performing neighbourhood shopping centres in NSW regional and metropolitan locations.”

The centre is strategically located in a rapidly evolving retail and community services precinct. The precinct includes recently constructed McDonald’s and KFC restaurants which will be complemented by future EG Fuel Service Centre, Childcare, Tavern and Council Library developments.

It is the first NSW neighbourhood shopping centre sale and lease back from either Woolworths or Coles in 12 months.

The 3.77-hectare site comes with flexible B2 Local Centre zoning and a low site coverage of just 18.6 per cent.

To request a sales analysis please contact the selling agent via the below contact details.