HMC swoops on two east coast malls
HMC Capital is buying two east coast malls for a retail fund.
South of Sydney, the group has bought the Caringbah Shopping Centre, offered for sale late last year after 28 years.
One of only 15 freehold neighbourhood shopping centres within 500 metres of a train station on over a hectare (the site spreads 1.2ha), it contains the country’s 11th best performing Woolworths store.
The supermarket contributes to 44 per cent of the income.
The building contains 5698 sqm.
The site at 54-64 President Avenue, with 238 car parks, holds development upside opposite a 10 level mixed use project.
Stonebridge Property Group’s Philip Gartland, Lincoln Blackledge and Carl Molony were the agents.
Caringbah is 26 kilometres from the CBD (continues below).
Burwood Brickworks
Meanwhile, HMC is speculated to be buying the uber green Burwood Brickworks complex in Melbourne’s Burwood East.
Opened in 2019, it contains 13,000 sqm also anchored to Woolworths, as well as a Dan Murphy’s and Reading Cinemas. There are over 40 specialty stores too. About 2000 sqm of the rooftop is configured as an urban farm.
Frasers Property Australia is the developer and vendor.
The assets are expected to be held by the HMC Australian Retail Partnerships Fund, launched in 2024 with a $1 billion mandate.
More to come.
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