Woolworths Bomaderry Shopping Centre sells for $40m
A new Woolworths shopping centre in the Illawarra/Shoalhaven region has sold for $40m.
A brand new Woolworths shopping centre in the Illawarra-Shoalhaven region has sold before it had a chance to hit the public market.
The three-year-old Woolworths Bomaderry Shopping Centre was quickly snapped in an off-market sale for $40 million to a Victorian private investor.
Constructed in 2020 by Fabcot, the shopping centre is anchored by a Woolworths and BWS, and also has a gym, medical centre, pharmacy and four specialty tenants.
The buyer secured the site at a fully leased yield of 5.43 per cent.
Woolworths Bomaderry Shopping Centre has sold for $40m
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Agent Colliers say the centre is the “only full line supermarket in the primary catchment, with the deal negotiated before even coming to market by the Colliers team of James Wilson and Ben Wilkinson”.
“Woolworths Bomaderry Shopping Centre is only the third NSW non-metro neighbourhood shopping centre sold in the state in 2023 year-to-date, reflecting the limited supply of high quality shopping centre opportunities and the high demand from domestic and offshore private capital when they come to market,” Mr Wilson said.
“The benchmark result represents the sharpest yield paid for a NSW neighbourhood shopping centre in 2023, and reflects the incredible Woolworths supermarket performance and dominance in the catchment.”
Opening of the centre in 2020.
The centre has been open for three years and was sold before it was listed on the public market.
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Mr Wilkinson added “with Woolworths securing 77 per cent of gross lettable area (GLA) of the fully leased shopping centre, the high profile offering required minimal management, aligning with the predominantly private capital target purchaser mandates”.
The centre has a site area of 19,140sq m and a GLA of 5451sq m. The fully leased net income is $2,171,058 per annum.
The shopping centre is located in a prime position within the town with exposure to the Princes Highway, the main route along the South Coast of New South Wales linking Sydney to Melbourne.
More than $15 billion will be invested in the area over the next 20 years, including the $450 million Berry to Bomaderry Princes Highway upgrade and the $342 million Nowra bridge upgrade, expected to be completed by 2024.
