Tamim divests foundation asset

The 2.38 hectare block includes a component which can be developed now.
Evermore Vale contains 4063 square metres.

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

SCA Property Group bought MarketPlace Raymond Terrace in 2021.

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.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.