Campbelltown Mall mooted for $200m sale
Perth billionaire Stan Perron has fielded interest in the Campbelltown Mall, a major subregional centre on Sydney’s outer south-west fringe, with suggestions the asset could change hands for close to $200 million.
His private Perron Investments, which has 11 centres worth more than $3 billion, has weighed up a sale as the value of Sydney metropolitan centres has dramatically lifted as strongly performing assets are so tightly held.
The centre has been perused by listed players with ambitions of expanding in the area but the most recent appetite has come from unlisted specialist EG Funds Management.
The group, which has more than $2.4 billion in assets under management and over 2500 apartments under construction with an end value of more than $2 billion in ventures with Asian partners, would not comment.
Perron has undertaken major upgrade works at Campbelltown Mall and it is billed as the only shopping centre in the Macarthur Region to offer three major supermarkets
The centre is seen as a prize as the trade area in which it sits is undergoing a demographic transformation that could provide longer-term growth.
The mall spans a gross lettable area of 42,040sqm and major tenants include Kmart, Target, Coles, Woolworths and Aldi. Mini majors in the centre include The Reject Shop, Ronis, Dollar King, Filled with Fruit & Deli, Priceline Pharmacy, Shopsmart Wholesale Pharmacy, and Best & Less. There are about 120 specialty shops and 1786 car parks, according to marketing documents.
Perron has undertaken major upgrade works at Campbelltown Mall and it is billed as the only shopping centre in the Macarthur Region to offer three major supermarkets, allowing it to be further repositioned to capture the region’s growth.
Perron is an experienced shopping centre player. The group, which could not be reached for comment, last added to its empire in a substantial way in 2012 when it swooped on half shares in Centro Galleria in Perth, Centro Colonnades in Adelaide and Centro The Glen in Melbourne in a $690.4 million transaction.
