HMC snares west Sydney mall
Woolworths has flipped a western Sydney shopping centre acquired in December via a pre-emptive rights deal.
The on-sale to HMC Capital is worth $180 million – what it paid TCorp, a NSW public sector fund managed by Lendlease.
HMC will hold it in the new Capital Retail Partnership, established in January backed by a $100m commitment by a global asset manager.
Colliers’ Lachlan MacGillivray was the agent.
The capitalisation rate, he said, was 4.75 per cent.
The yield to HMC, which has revised some leases, circles six per cent.
Land rich mall
On 5.82 hectares at 260 Jersey Road, Plumpton Marketplace contains 18,000 square metres anchored to Woolworths – which has 10 years left on its lease – and Big W, with 65 specialty stores and 930 car parks (story continues below).
It was last revamped two years ago when TCorp acquired it for $136m.
Rival Coles is building a shopping centre next door which it will part anchor.
Kmart is also understood to have committed there.
“The depth of capital engaged in the opportunity demonstrated the continued demand for high quality retail assets across key Australian markets,” Mr MacGillivray said.
Plumpton is about 42 kilometres west of Sydney’s CBD.
The Plumpton Marketplace deal comes a month since we reported HMC, on behalf of the HomeCo Daily Needs REIT, sold Brisbane’s Logan SuperCentre to Centuria for $115m – a 6.7pc yield.
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