Raymond Terrace, Galston malls sold
Panthera Group has sold Raymond Terrace Central after eight years and a refurbishment with a new lease to the anchor.
The buyer is Argus Property Partners, for $44.1 million – a 6.37 per cent net passing yield.
On 1.75 hectares at 30 Sturgeon Street, about 27 kilometres north of Newcastle, the complex contains 6978 square metres and open-air car parking.
Panthera paid Vicinity Centres $33.5m.
In 2022, it completed a revamp of the anchor tenancy and renewed Woolworth/BWS for a decade.
That lease agreement includes percentage rent.
It was represented for the sale by CBRE’s James Douglas and James Sherley with Savills’ Steven Lerche, who said the main trade area population is forecast to grow by 1.7 per cent per annum – more than double the NSW non-metropolitan average – and reach 37,130 people by 2046.
Peter Roach sells Galston mall
Also this week, agents announced an 11 month old deal at Galston, in Sydney’s north west.
McMillan RPG Group paid $16.125 million – a 5.8pc net passing yield – for the three level Aldi-anchored complex, 346 Galston Road, at the north west corner of Arcadia.
Peter Roach’s Cariste Pty Ltd was the vendor.
The deal settled January after being formalised September.
The public campaign yielded nine offers.
The complex also contains essential services retail and offices, according to Colliers marketing agents, James Wilson and Ben Wilkinson.
Galston is about 35 kilometres from town.
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