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.
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.
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.