Woolworths buys, sells anchored malls
Woolworths has bought and sold shopping centres it anchors east and west of the country.
In a significant deal, the group is outlaying $180 million for Plumpton Marketplace, west of Sydney.
Completed in 1994, renovated two years ago, with nearly 18,000 square metres, Big W is another key tenant.
There are 58 specialties too.
The 5.82 hectare block, 260 Jersey Road, on the south east corner of Hyatts, contains 930 car parks.
Woolworths locks in Plumpton position
The Woolworths rental agreement for Plumpton Marketplace had 10 years left to run with no option.
The lease did however give it first right to buy the block.
The price reflects a circa six per cent net passing yield.
Next door, rival supermarket Coles is seeking approval develop a neighbourhood mall also expected to be occupied by Kmart.
Revelop owns a 3.69ha site in the pocket too after paying Salta $20m earlier this year.
Another familiar mall
The group has occupied Plumpton Marketplace since developing it – then divesting with a leaseback (story continues below).
TCorp, a fund for the NSW public sector, managed by Lendlease, the latest of many subsequent owners, paid $136m in mid-2022 – before the renovation.
Plumpton is about 45 kilometres from Sydney’s CBD.
The deal comes nine months since Woolworths paid $51m for Niddrie Central, in Melbourne’s north west Essendon, which it also anchored.
ISPT swoops on Clarkson mall
Meanwhile, Woolworths’ development arm, Fabcot, is banking $35.75m selling a near new mall at Clarkson, about 35 kms north of Perth.
The Reject Shop is another high-profile occupier in the 6466 sqm complex. There is also a gym, pharmacy and five specialty stores.
On 2.7ha at 19 Nerrabup Road, there are over 300 car parks too.
Fabcot paid $14.5m for the land in mid-2021.
Colliers’ James Wilson and Richard Cash brokered the sale.
ISPT is the buyer, for the IRAPT; also today we are reporting that manager, for that fund, bought a Melbourne shopping centre half-stake.
Colleague Lachlan MacGillivray was the Plumpton Marketplace agent.
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