Tamim Asset Management has sold the Newcastle shopping centre which was its foundation asset in 2017.
The Bondi Junction based boutique investor is banking $27 million for the Elermore Vale Shopping Centre, 10 kilometres west of the city centre.
It paid $17.5m.
That seller, Bamm Group, doubled its outlay – picking up the centre since 2011 for $8.3m; at the time the centre’s anchor lease to Bi Lo was about to expire.
Tamim is led by ex-HFA and Macquarie director, Darren Katz, and Jeff Taitz, formerly with City Freeholds Group and Deloitte.
It was represented by Stonebridge’s Philip Gartland and Alexander James-Elliot with JLL’s Sebastian Fahey, Dylan McEvoy and Nick Willis.
The deal with a Sydney based private investor reflects a 4.91 per cent passing yield (story continues below).
Elermore Vale Shopping Centre
On a 2.38 hectare B2 Local Centre zoned site – which allows for shop top residential – Elermore Vale was marketed for its medium term development upside.
Fully leased, it contains 4063 sqm with a supermarket tenancy anchored to Ritchies IGA and 15 specialty stores was last renovated in 2015; with a heavily weighted non-discretionary tenancy composition, the mall traded during COVID.
There are also 235 car parks.
The transaction comes after two years after SCA Property Group acquired two larger Newcastle assets: Marketown, which cost $163m from AMP, and MarketPlace Raymond Terrace, which it bought from Goodwin & Kenyon from $87.5m. A Newcastle West bulky goods centre, meanwhile, traded for $7.15m.
Subscribe to our newsletter at the bottom of this page.