Sydney-based Haben Property Group has purchased the Stockland Wallsend Shopping Centre in Newcastle for $81 million on a 6.6 per cent yield.
Stockland agreed to sell the Wallsend centre in May at a 2.5 per cent premium to its December 2016 valuation of $79 million.
Stockland has held the 12,000sq m centre since September 2007.
The Coles and Aldi-anchored shopping centre is located 11km west of the Newcastle CBD on a 42,114sq m site. The 30-year-old shopping centre has 37 specialty stores, including three kiosks, and one McDonald’s pad site.
Stockland managing director Mark Steinert said that the divestment of the site aligns with the company's strategy to release capital for reinvestment.
“ [The sale] takes the total value of our commercial property asset divestments to $306 million for the FY18 period to date.”
The purchase is the first property-related deal for Haben after a three-year hiatus.
Habden last acquisition was the Croydon Central Shopping Centre for $40 million in 2015 on a 6.95 per cent yield.
CBRE’s Nick Willis, who transacted the property on behalf of Stockland, said the sale highlighted growing investment demand for shopping centres across NSW.
“There has been an increase in enquiry for retail investments over the past six months, largely driven by a lack of quality available supply,” Willis said.
“With core metropolitan markets still highly sought after we have noticed a shift in investor demand looking to strong regional locations in pursuit of greater returns.”
