GPT Group lists $500m retail asset

GPTGPT Group has put the Wollongong Central shopping centre up for sale with price expectations of about $500 million.

The landmark CBD property is on sale through an international expression of interest process, with the GPT Wholesale Shopping Centre Fund (GWSCF) announcing its 100 per cent share is up for sale.

The property firm recently completed the $68 million repositioning of the centre, which saw the launch of the latest generation David Jones (including food hall), global retailer H&M, Mecca Maxima and other national retailers.

“The re-weighting of the portfolio commenced with the divestment of Westfield Woden in late 2016, followed by the expansion of Macarthur Square to super-regional status in 2017,” said GWSCF Fund manager Brett Williams.

“More recently, the Fund has acquired an additional 25 per cent interest in Australia’s fifth largest shopping centre, Highpoint, in Melbourne for $680 million.”

Located 90 kilometres from Sydney in the heart of the Wollongong CBD, Wollongong Central comprises of a David Jones, Target, Coles, 14 mini-majors and over 170 specialty stores with a gross lettable area of 54,600sqm.

“The centre is perfectly positioned to be the community focal point and has been future proofed to accommodate further retail, residential and office uses to grow with a region that is continuing to expand,” said Lachlan MacGillivray, head of Retail Investment Services, Australia at Colliers International.

MacGillivray said substantial investment has already taken place with the city centre seeing $1.3 billion of investment over the last four years and a further $300 million anticipated in the next two to three years.

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