GPT lists $150 million Norton Plaza, in Leichhardt

GPT Wholesale Shopping Centre Fund is selling the Norton Plaza, in Leichhardt, about six kilometres west of the Sydney CBD.

The 11,800 square metre centre, anchored by a Coles supermarket and containing 50 speciality stores, is fully-occupied and being offered with management rights.

A repositioning, and refurbishment of part of the centre, took place mid-last year. Following this, Harris Farm Market signed on as an occupant for a large-format store.

GPT valued Norton Plaza at $149.3 million five months ago.

Colliers International’s head of Retail Investment Services, Lachlan MacGillivray and CBRE’s Nick Willis, part of the Capital Markets Investment Team, will launch a campaign for the shopping centre early next month.

GPT valued Norton Plaza at almost $150 million late last year.

Norton Plaza is the latest in a string of investment grade retail assets to hit the market recently.

Late last week, Vicinity Centres and Challenger offered two retail assets worth a total of more than $180 million: Corio Central, in Victoria’s Geelong, and Lennox Village in Sydney, are both being marketed by JLL’s Simon Rooney.

Vicinity banked $113 million in December selling the Keilor Central shopping centre in north-west Melbourne to Fort Street Real Estate Capital.

Two months earlier it sold a portfolio of 11 national centres for $631 million.

Coles Group Property Development also recently listed the Amaroo Village shopping centre, in Canberra’s north, speculated to be worth about $30 million, and the Willowdale Shopping Centre in Sydney’s south-west, which is expected to trade for about $35 million.

The retail giant has offloaded several centres recently including Aurora Village in Melbourne’s northern suburb of Epping, for $44 million.

A Coburg North centre Coles sold in November, 2016, for $38 million traded again last month for just over $40 million.

GPT sold the Highpoint Homemaker Centre for $80.5 million.

Last December, Charter Hall paid ISPT $74 million for Campbellfield Plaza, which is about 10 kilometres closer to the city, than Epping.

A month ago, Charter Hall paid $142 million for the Rockdale Plaza in Sydney’s south.

In November, GPT sold the Highpoint Homemaker Centre, in Maribyrnong, about eight kilometres north-west of the Melbourne CBD, for $80.5 million.

This 4.6 hectare property, zoned Commercial 1 and with residential redevelopment potential, is opposite the Highpoint Shopping Centre, which GPT seized full control of in 2017 after paying the Besen family $680 million for its quarter-share.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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