ISPT Lists Campbellfield Plaza for $80 Million

Superannuation fund ISPT has listed a sub-regional mall in Melbourne’s northern suburbs which industry experts expect will attract around $80 million.

The Campbellfield Plaza, located 14 kilometres from Melbourne’s CBD is anchored by Coles, Kmart, Aldi and Officeworks.

The 18,000sq m sub-regional shopping centre offers the only 24-hour Kmart in Melbourne’s northern suburbs.

JLL’s Simon Rooney, Stuart Taylor and Tom Noonan have been appointed to manage the sale.

Rooney expects the campaign to attract interest from a range of domestic and offshore high-net-worth investors attracted to the centre’s WALE of approximately 8.87 years, by area, and a net income of approximately $4.6 million per annum.

“Small sub-regional shopping centres which are largely food, service and convenience-based remain highly sought after given the limited reliance on discretionary sales,” Rooney said.

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“Campbellfield Plaza is also unique in that it offers a higher than average majors to specialty ratio when compared to sub-regionals that have come to market in recent years.”

More than 70 per cent of the centre’s income is generated by its anchor tenants, with national retailers representing more than 90 per cent of GLA, Rooney said.

“We have seen $644 million transact in the year to date including the recent JLL sale of Sturt Mall to SCA for $73 million, Gateway Plaza Leopold to Charter Hall for $117 million, Toormina Gardens to Fort Street Real Estate Capital Fund III for $83.3 million, Grand Plaza Shopping Centre (50 per cent) to Invesco Real Estate for $215 million, Brandon Park Shopping Centre to Newmark Capital for $135 million.”

The Campbellfield Plaza shopping centre will be handled via an expression of interest campaign.