SCA Property Group has purchased its second sub-regional Newcastle shopping centre in a week.
Marketown – which turns 10 years old this month – is trading for $150.5 million, reflecting a 5.6 per cent initial passing yield.
The vendor is AMP Capital which paid $163m in 2017 on behalf of Sunsuper.
The latest deal, brokered by JLL’s Nick Willis and Sam Hatcher, comes a week since SCA agreed to purchase MarketPlace Raymond Terrace, about 26 kilometres north of Newcastle, for $87.5m.
That investment was offloaded by Canberra based Goodwin & Kenyon Group.
At 23 Steel Street – walking distance to the Newcastle Interchange – Marketown contains 26,620 square metres of gross lettable area within and east and west wing.
Big W, Coles and Woolworths are the anchors.
There are also five mini-majors, two rented to Dan Murphy’s and Officeworks, 56 specialty stores and 936 car parks, including in a three level basement (story continues below).
The complex averages 4.7 million visitors a year, each spending c$40.
Marketown was developed by David Boyer’s Cartier Group.
SCA’s purchase price reflects a fully let implied yield of 6.1pc.
Earlier this week, Woolworths paid ISPT a speculated $49m for Kiama Village, south of Wollongong, with plans for a major renovation.
Elsewhere in New South Wales, this quarter, IP Generation outlaid $300m for six shopping centres, including at Cessnock, Corrimal, Goulburn and Gosford, while a consortium comprising the Mustaca family and Pelligra Group spent $120m on Byron Bay’s Mercato on Byron and a neighbouring site earmarked for a hotel.
In Queensland, Elanor Investors Group snapped up Toowoomba Clifford Gardens for $145m while Abacus Property Group purchased the share it didn’t control of the Gold Coast’s Oasis Centre.
Today we reported Charter Hall picked up Butler Central, north of Perth, for $51.2m, from Woolworths.
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