The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JOIN US FOR A ONE-DAY DEEP DIVE INTO THE FUTURE OF THE INDUSTRIAL SECTOR
FIND OUT HOW THE INDUSTRIAL MARKET IS CHANGING IN 2026
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
Multiplex Moderna facility
Exclusive

Industrial Subsectors Win Investor Attention as Demand Blossoms

Clare Burnett
7 Min
Bee Bricks hero
Exclusive

Beyond Green: The Rise of Net-Positive Architecture in Australia

Clare Burnett
7 Min
Exclusive

Central Element Hotel Debut Spearheads Oxford Street Renewal

Taryn Paris
8 Min
London skyline near the walkie talkie tower showing the 85 gracechurch street development.
Exclusive

Basilica to Business: London Office Tower’s Historic Rework

Renee McKeown
6 Min
Hotel Indigo Adelaide hero
Exclusive

Neighbourhood Hotels Reinvent Urban Hospitality

Clare Burnett
5 Min
View All >
Nambour CBD Rooming Accommodation DA hero
Affordable & Social Housing

‘Vertical Living’ Vision for Historic Sunshine Coast Town

Phil Bartsch
Sponsored

Rare Newcastle Wharf Project Now Accepting EOIs

Partner Content
Leeka 188 Commercial Road Prahran HERO
Residential

Leeka Wins Nod for 32-Home Project at Prahran

Leon Della Bosca
The 32-home development in partnership with Beulah will rise opposite a landmark food market in Melbourne’s south-east…
LATEST
Nambour CBD Rooming Accommodation DA hero
Affordable & Social Housing

‘Vertical Living’ Vision for Historic Sunshine Coast Town

Phil Bartsch
3 Min
Development

Rare Newcastle Wharf Project Now Accepting EOIs

Partner Content
3 Min
Leeka 188 Commercial Road Prahran HERO
Residential

Leeka Wins Nod for 32-Home Project at Prahran

Leon Della Bosca
2 Min
Investa Approved Commercial 105-153 Miller Street North Sydney
Office

Investa Pursues Twin Strategy for North Sydney MLC Tower

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