Revelop secures another NSW mall
Charter Hall has sold another asset from the Retail REIT (CQR).
Lake Macquarie Square at Mount Hutton near Newcastle fetched $122.5 million following an off-market deal.
Revelop is the buyer – outlaying a 1.2 per cent premium to book value.
JLL’s Nick Willis and Sam Hatcher were the agents.
Their deal comes a year since CQR shed two more malls – Rosebud Village on Victoria’s Mornington Peninsula, and Southgate Square in Adelaide’s south west Morphett Vale.
Last month meanwhile, in a 50:50 deal with Charter Hall Group, it acquired a half share of Hobart’s Glebe Hill Village.
Lake Macquarie Square
Charter Hall paid Centro $33m in 2010 for Lake Macquarie Square, then known as Lake Macquarie Fair.
Six years ago it invested another $60m on a refurbishment, integrating Mount Hutton Plaza.
On 7.3 hectares, it contains 20,974 square metres anchored to Big W, Coles and Woolworths, with 75 specialty stores.
There are also 1005 car parks (story continues below).
The deal comes six months since Revelop acquired two Sydney retail investments – the Kirrawee Shopping Centre, from Woolworths’ development arm Fabcot, and the strata titled East Quarter at Hurstville (from Centuria).
Since 2023, it has also bought Stanhope Village, Pemulwuy Plaza and Stockland Balgowlah, again in the NSW capital.
Mount Hutton is about 14 kilometres south west of Newcastle.
Centennial, Parkstone swoop on Orange asset
Meanwhile, the Village on Summer Street shopping centre at Orange is trading to Centennial and Parkstone Funds Management for $37.375m.
On 2.1 hectares – the largest single asset holding in the CBD – it contains 4974 square metres, anchored to Supa IGA, and Dan Murphy’s, with 10 specialty stores. Developed in 1993 it underwent a $4m refurbishment three years ago.
The weighted average lease expiry is just under seven years.
There are also 268 car parks.
The vendors were hospitality entrepreneur Bill Gravanis, co-owner of Oscars Group, which recently bought Sydney’ Luna Park, and architect, Paul Saunders.
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