Revelop snares supermarket from Woolworths off-market
Woolworths’ development arm Fabcot has sold another recently completed supermarket-backed retail investment.
The Kirrawee Shopping Centre, which it fought the Sutherland Shire Council for years to build, fetched $39.75 million from Revelop.
The off-market deal, negotiated in December, settled last month.
It comes 10 months since Fabcot divested a modern neighbourhood shopping centre at Bomaderry, on the New South Wales south coast, for $41.85m – a $3m drop on expectation upon listing – demonstrating a 5.43 per cent yield.
In Queensland, meanwhile, the group this month offloaded a near-new Woolworths in the Caboolture West growth corridor suburb of Bellmere, between Brisbane and Maroochydore.
At $37.75m, that offer from Melbourne’s Maliku Group reflected a 5.52pc return.
CBRE’s Michael Hedger and Joe Tynan were the agents.
Kirrawee is 29 kilometres south of Sydney’s CBD (story continues below).
Kirrawee Shopping Centre
Opened in 2021 at 24-38 Flora Street, Kirrawee Shopping Centre contains 4500 square metres, dual anchored to Woolworths and Dan Murphy’s, with specialties occupies as a laundromat, café and nail bar.
A basement car park contains 200 bays, some with battery charging stations.
On 9740 sqm, there are also 60 exterior, at-grade parks.
“The site is strategically positioned, adjacent to Kirrawee train station and the Prince Highway for convenient access and is at the doorstep of high-density residential development,” Revelop co-founder and managing director, Charbel Hazzouri, said.
“This unique, local centre provides the Kirrawee community with a convenient place to shop the essentials aligning with our core growth objectives if our non-discretionary retail centres,” he added.
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