Fund managers reap major windfall from Masters converted homemaker centre

The Bathurst homemaker centre is Precept Property Partner’s first retail foray.

Sydney fund managers Argus Property Partners with Kaipara Property Group, which also develops, have sold a Masters converted homemaker centre at Bathurst after three years and a reposition.

Precept Property Partners – in its first retail acquisition – with Stabilprop Investments are the buyers, paying $31.5 million for the Bathurst Homemaker Centre following an off-market deal.

The deal is a major windfall – the vendors paying the HMC Capital managed HomeCo REIT $16.95m; on 5.205 hectares at 3 Pat O’Leary Drive, predominantly fronting the Great Western Highway, Kelso, the asset contains 17,522 square metres.

Harvey Norman is the anchor, leasing c55 per cent (9609 sqm).

Amart Furniture, Cheap as Chips, Jaycar, Petstock and Spotlight also tenant the asset, developed in 2014 then extended.

Also with over 400 car parks, within an established bulky goods precinct, it was offered fully leased by CBRE’s James Douglas.

Kelso is three kilometres east of Bathurst, 200km west of Sydney (story continues below).

Mintus bought Bathurst Chase last May.

Another Bathurst retail sale

The Kelso deal comes 11 months since Mintus outlaid $17.5m the Bathurst Chase, in the heart of town.

With 7130 sqm on 1.77ha, it was offloaded by Brisbane’s Quanta Asset Management which paid $15.5m in mid-2015.

Precept and Stabilprop are Sydney based.

Argus holds another Masters converted homemaker centre, in outer south east Brisbane’s Morayfield, after paying $28.85m in May, 2021.

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Marc Pallisco

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