Centuria divests two west Sydney malls

HMC Capital is buying Pemulwuy Marketplace.

Centuria has sold two west Sydney neighbourhood shopping centres picked up when it took over Primewest – all up for a 9.5 per cent premium on the outlay four years ago.

Revelop bought Stanhope Village, north of West Ryde, from Mirvac last year.

In the biggest deal, the West Ryde Marketplace (pictured, top) is collecting about $60 million from HMC Capital for the Home Co Daily Needs REIT.

Already rebranded HMC West Ryde Marketplace, the mall was developed in 2005 on the site of a Waltons turned Norman Ross store.

With 6380 square metres, Woolworths is the anchor.

There are also 22 specialty stores.

When Primewest acquired it in mid-2020, the weighted average lease expiry was 10.3 years.

The asset was also marketed as having development upside, 150 metres from West Ryde station, affected by the West Ryde Town Revitalisation Scheme.

The suburb is 16 kilometres from town.

Pemulwuy fetches c$40m

Meanwhile, twice that distance west of the CBD, at Greystanes, the Pemulwuy Marketplace is trading to Revelop for a speculated $40m.

Also anchored to Woolworths, it contains 5125 sqm with 17 specialty stores; the WALE in 2020 was 8.3 years.

The 1.86 hectare block at 250 Greystanes Road also includes 249 car parks (story continues below).

Primewest paid Charter Hall $91.5m for the West Ryde and Pemulwuy assets.

Centuria took over Primewest in September, 2021.

JLL’s Nick Willis and Sam Hatcher brokered the deals worth a combined $100.2m.

Revelop expands west Sydney footprint

The Pemulwuy deal gives Revelop a stronghold in Sydney’s mid-west, coming two years since it bought Stanhope Gardens, 14km north.

By area, Kmart, Coles and Aldi anchor that mall, with 19,454 sqm on 5.3ha, acquired from Mirvac for $158m.

In 2022 meanwhile, Revelop purchased Smithfield Central, four km north west of Pemulwuy, anchored to Coles.

Last month it snapped up Stockland Balgowlah for a little less than book value.

The Parramatta based company, led by cousins Anthony El-Hazouri and Charbel Hazzouri, has also expanded its interstate portfolio in recent years with assets in regional Victoria and Adelaide.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.