A neighbourhood shopping centre in the NSW Hunter Region has sold to a private investor for $33 million on behalf of Coles Group Property Developments.
Huntlee Shopping Centre in North Rothbury was sold through the Colliers team of James Wilson and Ben Wilkinson, in conjunction with James Douglas of CBRE.
Huntlee Shopping Centre is a recently constructed 4,624m2, strong-performing neighbourhood shopping centre anchored by a full-line Coles and Liquorland Store which is supported by an attractive non-discretionary tenant profile accounting for 82% of total gross rental income. The centre is located within the renowned Hunter Valley wine region, 48km from Newcastle and 180km from Sydney.
“Huntlee Shopping Centre was secured by a sophisticated Sydney based private investor in a highly competitive Expressions of Interest campaign. The depth of market is highlighted by circa $150 million in value of unsatisfied private capital still looking to be placed into the resilient neighbourhood shopping centre sector,” said James Wilson.
James Douglas added: “The performance of Coles and opportunity for income growth through the lease term were key drivers to the pricing outcome. Investing in the rapidly growing Hunter Valley region was also an attractive opportunity for potential investors.”
Huntlee Shopping Centre is a recently constructed 4,624m2, strong-performing neighbourhood shopping centre
Occupying a prominent 2.3-hectare site within the new Huntlee master planned community, the centre is expected to benefit from more than $1.5 billion in Government and private investment planned over the next 20 years.
The Coles Supermarket is secured on a new 10-year net lease, with options until 2073, accounting for 66% of the centre’s gross rent income. The centre is 100% leased with a total WALE of 8.4 years by GLA and features a convenient on-grade car park with approximately 230 spaces.
7,500 dwellings are forecast for development in Huntlee over the next 20 years, accommodating 20,000 people, with household incomes within the Hunter region 29% above the NSW non-metro benchmark.
