Griffith Group exits Wollongong mall in the black

Also today we are reporting Mirvac and Region traded a Canberra mall.

Griffith Group, which turns 10 this year, has sold Wollongong’s Bayview Centre after a three and a half year repositioning.

Griffith Group extended an ex-Bunnings to create the Bayview Centre.

The Brisbane based investor and developer, created by Byron Griffith, is banking $57 million from MLC Asset Management.

Upon settlement, the mall will be held in the Property Plus trust which has been seeking to remix its portfolio with large format retail at the expense of office.

Even after costs, including an extension of an ex-Bunnings warehouse and three new buildings, now fast food restaurants, Griffith is expected to finish in the black from the disposal; it paid Blackstone $35m in late 2020.

Bayview Centre

On 3.6 hectares at the corner of King Street and Northcliff Drive, Warrawong, the Bayview Centre contains 10,735 square metres; Amart Furniture, JB Hi Fi, McDonald’s and Supercheap Auto are amongst the occupiers.

The three freestanding sites leased to Hungry Jack’s, Oporto and Starbucks (story continues below).

There are also 312 at grade car parks.

Griffith reopened the mall in late 2023.

The landlord also added a 600kw rooftop solar system.

The property was offered fully leased.

Warrawong is about 90 kilometres south of Sydney’s CBD.

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Marc Pallisco

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