Centuria sheds two NSW malls
Centuria has sold two more assets held by small funds.
Primewest Belmont Citi Centre, south of Newcastle, will exchange for $40 million.
Acquired for $12m in late 1996, unitholders will be delivered a c15 per cent internal rate of return.
With 6801 square metres, it occupies 1.75 hectares – the biggest landholding in Belmont’s CBD. It is also a block from the beach.
The price reflects a 6.4pc fully let market yield.
This property, 41 Macquarie Street, was held in a single asset fund.
Belmont is about 20 kilometres from Newcastle.
“For almost 30 years we have seen Belmont Citi Centre evolve into a catalyst for the Belmont region, a place to shop and socialise while across the past eight years,” Centuria head of Retail, Bruce McNally, said.
Stonebridge’s Alex James-Elliott and Philip Gartland were the agents.
Lisarow Plaza
Meanwhile, Lisarow Plaza, eight kilometres north east of Gosford, is selling for $31m.
Primewest, which was acquired by Centuria four years ago, outlaid $29.1m in 2017 – a year after it was redeveloped.
On 6500 sqm, it contains 5230 sqm anchored to Coles until 2036. Mr McNally said the precinct’s population is forecast to grow more than 18pc by 2046.
Both properties traded to private investors.
Lisarow came out of an unlisted fund with two assets (the other mall is Centuria Rutherford, formerly known as Primewest Rutherford); Colliers’ James Wilson and Ben Wilkinson were the agents.
Yesterday, we reported Centuria sold three south east Queensland industrial assets on behalf of single asset funds, reaping a total $56m.
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