The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
RetailWed 11 Jul 18

Scentre Snaps Up $720m Slice of Westfield Eastgardens

TUD+ MEMBER CONTENT
af74bf9a-64a8-4684-b743-82b4de252a6f
SHARE
2
print
Print

ASX-listed retail giant Scentre Group has acquired a 50 per cent stake in Westfield Eastgardens in Sydney’s south-eastern suburbs for $720 million.

The centre was wholly-owned by the John Saunders-founded Terrace Tower Group, which sold the Westfield Eastgardens centre on a 4.25 per cent yield – representing one of the country’s largest ever single-asset retail deals.

The sale follows AMP’s acquisition of a 50 per cent share in Brisbane’s Indooroopilly shopping centre for $800 million last year.

The late John Saunders co-founded Westfield with Frank Lowy. The family-owned Terrace Tower Group also owns the Supa Centre Moore Park.

The major regional Westfield Eastgardens centre offers about 85,000sq m of total lettable area – making it one of the top 30 shopping centres in Australia – with total retail sales of more than $600 million.

Scentre chief executive Peter Allen said that the centre is regarded as one of Sydney’s “strategic centres” with a trade area that has strong population growth and infrastructure investment.

“In line with the Group’s strategy, this transaction is a rare opportunity to invest in one of the highest quality ‘living centres’ in Australia,” Allen said.

JLL’s Simon Rooney brokered the deal on behalf of Terrace Tower Group.

“Investors were attracted to the future mixed-use/residential opportunities of the site and the imminent retail redevelopment potential to enhance medium and long-term returns,” Rooney said.

“Investor sentiment is very positive towards core retail assets such as major regional shopping centres. Owners are repositioning their portfolios towards defensive and high quality retail assets, which will continue to attract leading retailers and capture a growing share of consumer spend."

In an ASX statement, Scentre Group touched on the centre’s redevelopment potential including the opportunity to “create value through mixed-use development including commercial, accommodation and education facilities.”

Originally built in 1987, Westfield Eastgardens is anchored by a Myer department store, three supermarkets – Woolworths, Coles and Aldi – a Kmart, Big W and Target among 230 specialty shops and retailers.

The centre underwent refurbishment in 2002 and 2013.

RetailAustraliado not useReal EstateDeal
ADVERTISEMENT
TOP STORIES
a land lease community home in white at a gemlife development, a type of home which could be the answer to the housing crisis
Residential

‘We are the Solution’: Land Lease Shake-Up Stirs into Life

Renee McKeown
5 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
View All >
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
Kincrest Hollick Place HERO
Residential

Kincrest Acquires Second Essendon Site After Sellout

Leon Della Bosca
The developer moves three doors down to replicate the successful formula from its sold-out North Essendon apartment proj…
LATEST
Industrial

Centennial’s Paul Ford: From Vision to Industrial Vanguard

David Di Marco
3 Min
Darwin Sentinel Industrial East Arm Deal hero
Industrial

Sentinel Property Expands NT Portfolio with $57.4m Buy

Phil Bartsch
2 Min
Kincrest Hollick Place HERO
Residential

Kincrest Acquires Second Essendon Site After Sellout

Leon Della Bosca
3 Min
Legal

Court Freezes Assets as $160m Property Scheme Unravels

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/scentre-picks-up-720m-slice-of-westfield-eastgardens-