Investors buy Adelaide, Brisbane, Sydney malls

The Hurstville asset will contain a Woolworths supermarket and seven specialty stores.

Three metropolitan malls have sold in deals totaling $344.5 million.

In Brisbane, YFG Shopping Centres is paying Blackstone subsidiary 151 Property $257m – speculated to reflect a sub six per cent yield – for the Strathpine Centre.

Gawler Green returns annual net income of $2.157 million.

Built by Westfield in 1983, the triple supermarket backed investment contains c47,500 square metres of area – about 16pc of which is vacant – and 2760 car parks.

151 acquired the asset and two Wollongong malls six years ago from SCentre (which has controlled the Westfield brand since 2014).

One of the other complexes, Warrawong Plaza, sold to Elanor Investors Group for $136.25m in October.

The third property, Figtree Grove, traded to SPH REIT and Moelis Australia for $206m three years ago.

CBRE’s Simon Rooney marketed Strathpine Centre.

Primewest, Fridcorp trade Hurstville shopping centre

In another off-market deal, Primewest is paying Fridcorp $41.5m for the Woolworths-anchored Hurstville Retail Centre, due for completion in 2023.

The $41.5m price for 93 Forest Road reflects a 4.77pc initial return.

With 4240 sqm, all of which is leased, the property spreads across the ground level of four apartment buildings – a $700m project branded Beyond.

Primewest, which recently merged with Centuria, will slot the asset in its GIC-backed daily needs fund which now holds $313m of product.

“We are strategically targeting retail investment properties that are underpinned by resilient tenant covenants,” Primewest head of Retail, Bruce McCully said (story continues below).

“This includes daily needs centres that cater to non-discretional spending, gateway centres with a captive audience and high performing specialised assets,” he added.

The deal comes two months since Primewest, for its daily needs mandate, acquired the retail component of Potts Point’s OMNIA complex, in the city’s inner east.

Elsewhere in Sydney, the trust holds Spring Farm Shopping Centre, Pemulwuy Marketplace and West Ryde Marketplace.

Hurstville is about 16 kilometres south of the CBD.

Stonebridge Property Group’s Philip Gartland, Justin Dowers and Kevin Tong represented Fridcorp.

Gawler Green fetches $46m

Meanwhile at Evanston, north of Adelaide, private investor Tony Scaffidi is paying $46m – reflecting a 4.7pc yield – for the Gawler Green Shopping Centre.

On 1.79 hectares at 4 Tulloch Rd, the asset contains 5758 sqm of area, anchored by Coles and with 14 specialty stores.

Hungry Jack’s occupies a pad site.

The Weighted Average Lease Expiry is 9.1 years.

Leedwell Property’s Andrew Zammit and Jamie Guerra, with JLL’s Ben Parkinson and Jacob Swan were the agents.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of