The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
A one-day deep dive on office, retail, healthcare, childcare and alternative sectors
UPCOMING | COMMERCIAL REAL ESTATE SUMMIT
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

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
Scape RMIT PBSA
Student Housing

Scape Eyes University Campus Accommodation Takeovers

Leon Della Bosca
Plans for 3-7 River Terrace, tweed heads by turner for briscoe hotel group
Placemaking

Briscoe Greenlit for ‘Transformative’ Tweed Project

Renee McKeown
Placemaking

Queensland Seeks Developer for South Brisbane Visy Site

Lindsay Saunders
The 7.1ha riverfront ‘Southbank 2.0’ site could deliver 4000 homes, parks and commercial space to the Kurilpa Precinct..…
LATEST
Scape RMIT PBSA
Student Housing

Scape Eyes University Campus Accommodation Takeovers

Leon Della Bosca
5 Min
Plans for 3-7 River Terrace, tweed heads by turner for briscoe hotel group
Placemaking

Briscoe Greenlit for ‘Transformative’ Tweed Project

Renee McKeown
2 Min
Placemaking

Queensland Seeks Developer for South Brisbane Visy Site

Lindsay Saunders
3 Min
townhouse development 21 and 31 Johnson Road, Bertram by first generation merino farmers Marianne and Hugo Bombara
Residential

WA Sheep Farmers Reveal 160-Townhouse Proposal

Renee McKeown
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/scentre-picks-up-720m-slice-of-westfield-eastgardens-
SHARE
2
print
Print
TOP STORIES
Sud-slingers are back in action in 2025, with the Sydney market recovering after years of disruption.
Exclusive

Sydney Pub Market Rebounds After Post-Covid Lows

Patrick Lau
5 Min
Gelephu Mindfulness City: Bhutan how a city of the future is planned
Exclusive

Bhutan’s Mindfulness Masterplan Resetting How Cities Work

Renee McKeown
8 Min
Long Bay Correctional hero
Exclusive

Time to Rethink: Fresh Bid to Unlock Prison’s Prime Site for Homes

Clare Burnett
7 Min
Inside NSW Housing Divide-Mosman
Exclusive

‘The Machinery Underneath is Broken’: Inside NSW’s Housing Divide

Vanessa Croll
9 Min
Exclusive

Queensland Decade of Gigaprojects a Developer’s Goldmine

Phil Bartsch
5 Min
View All >