Lendlease divests Port Macquarie’s biggest mall

Settlement City has two anchors, three mini-majors and 52 specialty stores.

Lendlease has offloaded another asset in its open-ended unlisted convenience retail based Sub-Regional Retail Fund.

Fawkner Property and PAG bought Perth’s Midland Gate last month.

Settlement City, Greater Port Macquarie’s largest shopping centre, is collecting c$107 million from Melbourne fund manager Fawkner Property.

With 19,564 square metres of lettable area the mall attracts 3.22 million people a year who each spend c$49.98 – a total of $160.1m.

Big W and Woolworths are the anchors.

There are also three mini-majors – occupied by Best & Less, Millers and The Reject Shop – 52 specialty stores and 1076 car parks.

The deal comes a fortnight since we reported Fawkner teamed with Hong Kong’s Pacific Alliance Group, or PAG, to buy Perth’s Midland Gate from Vicinity for $465m.

In February meanwhile the Victorian group paid Stockland $139m for the Gladstone Shopping Centre, between Bundaberg and Rockhampton.

CBRE’s Simon Rooney and James Douglas with JLL’s Nick Willis and Sam Hatcher marketed Settlement City (story continues below).

Settlement City

Settlement City’s catchment is about 87,000 with an average age of 46.

Local households earn annual income of c$74,000 with nearly half (44.7pc) having dependent children.

The asset was listed mid-last year with two more SRRF malls which traded last December to HMC Capital: Sydney’s Menai Marketplace, which fetched $150m, and Perth’s Southlands Boulevarde ($92.5m).

Also at that time, a sale of Settlement City worth c$105m to ISPT, another Melbourne based group, was mooted.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

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