Woy Woy’s Deepwater Plaza has been sold for $111 million to a private investor as “renewed demand” for sub-regional centres grows.
The 17,417sqm shopping centre is located in the north of Sydney and is anchored by Coles supermarket, complemented by Kmart and a variety of national and chain retailers.
CBRE’s head of retail capital markets for Pacific, Simon Rooney, said investors were “attracted” by the centre’s “robust” major tenants and overall sales performance.
“This transaction demonstrates the shift in investor focus and renewed demand for sub-regional centres, specifically for assets with a clear focus on non-discretionary spending and genuine value-add opportunities.”
The site is also located adjoining the Woy Woy railway station providing long-term “value-added opportunities” for specialty re-leasing and mixed-use development avenues.
South-east Queensland centres sold
Likewise, Woolworths Group has also sold two south-east Queensland shopping centres – Bannockburn Village Shopping Centre and the Dakabin Shopping Centre – to Brisbane private investors for a combined price of $66 million.
The deal was brokered via an expression of interest campaign by CBRE’s Michael Hedger, Joe Tynan and James Douglas along with JLL’s Jacob Swan, Sam Hatcher and Ned McKendry.
“Both shopping centres demonstrate strong growth and security of income, which ultimately attracted bidders across both assets,” said JLL’s Jacob Swan.
- Further reading: Two more Lendlease malls sold in $242.5 million deal
