Cameron Park Plaza in one of NSW’s fastest growing markets sells for more than $60m
Cameron Park Plaza sold for over $60m.
A shopping centre in one of Newcastle’s biggest growth corridors has changed hands for $60.25m after attracting considerable interest from cashed up investors.
The single-level 7037sqm centre in Cameron Park known as Cameron Park Plaza is anchored by a 3857sqm Woolworths and BWS.
It sold to ASX-200 listed real estate fund manager Centuria Capital Group on behalf of its global institutional investor.
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There were over 180 purchaser inquiries and 11 first round offers throughout the on-market expressions of interest campaign, including from high net worth private investors and institutional capital.
The centre was built in 2020.
It is the first NSW neighbourhood shopping centre sale and lease back from either Woolworths or Coles in 12 months.
Colliers agent Alex James-Elliot, who sold the site with lead agent James Wilson, said the buyers who had expressed interest in the site were still in the market.
“The campaign has resulted in circa $500m of qualified, undeployed capital, that is required to be invested,” Mr James-Elliott said.
“We are currently working with a select number of the underbidders seeking to secure similarly strong performing neighbourhood shopping centres in NSW regional and metropolitan locations.”
The Colliers team negotiated the deal for Cameron Park Plaza on behalf of Woolworths Group’s development business Fabcot.
The centre is anchored by a Woolies.
The supermarket is complemented by a medical centre, PETstock, Snap Fitness and 17 specialty shops with over 90 per cent of gross income underpinned by national and chain retailers.
It was constructed in September 2020 and is situated in Newcastle’s rapidly developing Western Growth Corridor, 17km west of the Newcastle CBD and 110km north of the Sydney CBD.
“Cameron Park Plaza generated incredibly competitive bidding from private and institutional investors, with the non-metro NSW neighbourhood shopping centre campaign recording five offers at or below a 5 per cent fully leased yield,” Mr Wilson said.
“The benchmark result highlights the depth of market targeting high quality neighbourhood shopping centres that feature strong income growth potential.”
The centre is located in a rapidly evolving retail and community services precinct.
The precinct includes recently constructed McDonald’s and KFC restaurants which will be complemented by future EG Fuel Service Centre, Childcare, Tavern and Council Library developments.
The 3.77-hectare site comes with flexible B2 Local Centre zoning.
