Lisarow Plaza on the NSW Central Coast sells for $29.1 mill.
Lisarow Plaza on the NSW Central Coast has been purchased by national property fund manager Primewest for $29.1 million, in a deal brokered by Colliers International.
Colliers International Director of Retail Investment Services, James Wilson sold the recently refurbished Lisarow Plaza, which is the dominant retail shopping centre in its trade area and is anchored by a full-line Coles supermarket and Liquorland store, and supported by 16 specialty tenants, 1 kiosk and 2 ATMs over a total GLA of 5,250sqm*.
Lisarow Plaza occupies a prime site on the Pacific Highway, 7 km* north of the Gosford CBD and around 90 km* north of the Sydney CBD.
“Lisarow Plaza’s fully leased yield of 6.22% is a great result compared to other NSW non-metro Neighbourhood Shopping Centre transactions announced so far in 2017,” said James Wilson. “The campaign demonstrates the ability of prudent retail investors to constantly review their hurdle rates based on the quality of the centre, noting the strata titled nature had little impact on investors appetite for the centre”.
Primewest director John Bond said that the acquisition was in line with the company’s retail strategy along Australia’s eastern seaboard.
“Lisarow Plaza is a strategic acquisition will sit in the same fund as Hunta Super Centre. We targeted Lisarow Plaza due to the high quality of its recent refurbishment, including an expanded Coles supermarket featuring a new 20-year lease, combined with the ability to leverage our asset management capabilities by actively managing the specialty lease profile given the supermarket trade has almost doubled in the precinct over the last 2 years.”
Primewest manages one of Australia’s most successful property fund operations, with more than $2.3 billion in assets.
“During the campaign, we experienced unprecedented levels of interest from local and offshore private investors” said James Wilson. “The large number of competitive yet unsuccessful bidders is testament to the highly desirable nature of the neighbourhood shopping centre investment class given it comprises of largely non-discretionary retail”.
The sale was conducted by an Expressions of Interest campaign.