Lendlease, NPP shed southern hemisphere’s largest single storey mall
Fawkner Property is buying Erina Fair – the southern hemisphere’s largest single storey shopping centre.
The deal, with Lendlease and South Korea’s National Pension Plan, which separately listed their 50 per cent stakes earlier this year, is worth an indicative c$895 million.
If concluded, it would be the 15 year old Melbourne asset manager’s priciest purchase.
The property will be held in a single asset fund now calling on investors. The forecast initial annual distribution yield is 7.25 per cent.
CBRE’s Simon Rooney with JLL’s Nick Willis and Sam Hatcher were the agents.
Sprawling centre, big block
On 40.8 hectares with 4500 car parks, Erina Fair at 620-658 Terrigal Road, Erina, contains 114,000 square metres, making it Australia’s 21st biggest mall by area.
Big W, Hoyts, Kmart, Mecca and Myer are among the major occupiers.
It also includes four supermarkets: Aldi, Coles, Woolworths and Harris Farm Markets.
With more than 11 million annual visits, the moving annual turnover is c$814m.
Erina, between Gosford and Terrigal, is the Central Coast’s largest commercial hub.
Another land rich mall
Any deal for Erina Fair would come three months since Fawkner paid $26.7m – a 9.2pc yield – for Gladstone Square, 100 kilometres north of Rockhampton, and $34m for Clifton Village, in Far North Queensland.
Late last year meanwhile, it bought Wollongong’s Figtree Grove for $192m and Townsville’s largest mall – the Willows Shopping Centre, with 44,507 sqm on 15.4ha, for $212m.
Fawkner has also owned Cairns Central – on 9.2ha – for two years.
Coincidentally that complex was purchased from Lendlease too.
The outlay was c$430m – a six per cent net passing yield.
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