Another Campbelltown homemaker centre sells

Homebase Campbelltown is selling for $48.3 million.

Canberra based Goodwin & Kenyon Group has sold Homebase Campbelltown for $48.3 million.

The off-market deal for the 15 year old complex reflects a sub five per cent yield.

It is the seventh major homemaker centre to trade this year.

JLL’s Sam Hatcher, Nick Willis and Jacob Swan were the agents; the purchaser is as yet unknown.

In June, Goodwin & Kenyon banked $87.5m selling MarketTown Raymond Terrace, in Newcastle’s north, to SCA Property Group.

Homebase Campbelltown

With nearly 11,000 square metres of lettable area, Homebase Campbelltown is anchored by The Good Guys.

Beacon Lighting, Carpet Call, Forty Winks, Nick Scali, Rebel Sport and Supercheap Auto are amongst the other occupiers.

There is presently a 1381 sqm vacancy.

In 2019, Metro Diversified Fund (MDF), directed by Garry Allen Carter, paid $47.5m for the nearby Blaxland Home Centre – which contains 19,299 sqm across 4.7 hectares.

Campbelltown is about 50 kilometres south west of Sydney (story continues below).

Seven homemaker centre deals this year

The Homebase Campbelltown sale comes a month since IOOF paid $68m for the Great Western Centre in Minchinbury – about 38km west of the CBD.

That asset – with 10,770 sqm – was offloaded by Parramatta Eels chairman Roy Spagnolo and business partner Frank Carioti.

The price reflected a 5.7pc return.

Elsewhere in New South Wales, MDF recently spent $46.25m for the Lake Haven Homemaker Centre – a deal which marked Altis Property Partners’ exit from the bulky goods sector.

In Queensland, Stirling Property Fund in May paid Aventus Group $42.15m – a six per cent yield – for Brisbane’s Macgregor Home.

Two months earlier, Primewest acquired Gold Coast’s Home+Life Robina for $66m on a 6.2pc initial return (or 5.94pc market yield).

That vendor, QIC, in April banked $97m – a 4.98pc return – from Watergardens Homeplace, in Melbourne’s north west.

That buyer, Harvey Norman, not long earlier spent $28.25m on the Geraldton Homemaker Centre, in Western Australia.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of