Sydney investor snaps up Belmont Village shopping centre

Belmont Village has sold for $58 million to a private Sydney-based high net worth investor.

The sale is one of 11 subregional and neighbourhood shopping centres that Vicinity Centres announced they had sold yesterday as part of its divestment program.

Ten of the properties sold to SCA Property Group while Belmont Village sold to a private investor, with a collective sale price of $631 million.

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JLL’s head of retail investments in Australasia, Simon Rooney says there was interest from domestic investors across Australia and from offshore for Belmont Village.

Rooney says the buyer was attracted to the well-leased, secure and long-term investment with attractive growth.

Coles and Kmart are the anchor tenants at Belmont Village.

“(They) also like the economic strength of the region,” he says.

Belmont Village is anchored by Coles and Kmart which are complemented by diverse food and specialty stores.

Vicinity Centres, which co-owns Melbourne’s Emporium and Chadstone complexes with property billionaire John Gandel, announced plans to offload up to $1 billion worth of subregional and neighbourhood centres in June.

Other centres in the portfolio that have now sold are located in New South Wales, Queensland and Western Australia.

Vicinity Centres also listed Corio Central for sale and its value was listed at $130 million in its interim results published in February.

The retail landlord values Corio Central at $130 million.

Rooney says it is currently under negotiation and there has been good interest in it.

Corio Central is securely anchored by Coles, Woolworths and Kmart.

Vicinity’s chief executive and managing director Grant Kelley says these transactions are a significant achievement and advanced their strategy to unlock major potential in the business.

“It is an important step in delivering strong and sustainable growth through focusing our directly-owned portfolio on approximately 50 market-leading destination assets, expanding our wholesale funds platform and realising mixed-use opportunities across the portfolio,” Kelley says.

Vicinity Centres was also involved in the $117 million sale of Gateway Plaza in Leopold to Charter Hall Retail Fund in June.

This article from the Geelong Advertiser originally appeared as “Sydney investor purchases Belmont Village for $58 million”.