HomeCo opens two Vic centres

HomeCo opens two Vic centres

Home Consortium (HomeCo) opened its doors to two new centres in Hawthorn East and Keysborough Victoria last Wednesday, following eight months of redevelopment, welcoming more than 10,000 people across both sites, Shopping Centre News has reported.

HomeCo is a wholly Australian-owned property group, backed by some of Australia’s most successful retail organisations.

In 2016, the company acquired the property assets formerly occupied by Masters Hardware and began creating value- and convenience-based shopping in regional and outer-metro areas across the country.

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It now holds a portfolio of some 30 centres in five states under the HomeCo brand, with many anchored by national supermarkets and some of Australia’s most successful retail brands.

The new Hawthorn East centre has a prime location just eight kilometres east of the Melbourne CBD, bounded by two major arterial roads – Toorak Road and the Monash Freeway. It’s the newest HomeCo centre with a total GLA of 11,310sqm.

The centre features latest concept stores from Woolworths and Dan Murphy’s plus Anaconda, Chemist Warehouse and Costi’s seafoods.

More retailers will join the line-up in the coming months.

HomeCo Keysborough is anchored by Aldi, Michael’s IGA Fresh Food Market, Petstock, BCF and a range of speciality stores. There are more than 400 car parks at each location.

Mainbrace, as principal contractor at Keysborough, was responsible for rebuilding a former Masters store to accommodate the two new supermarkets and speciality tenancies.

Offshore buyer for Sydney cafe

A first-entrant offshore buyer has purchased a 74sqm strata retail unit on the ground floor arcade of 265 Castlereagh Street, Sydney, trading as 265 Cafe, from Kok Hoa Teow for $1.37 million.

The property is occupied by the established cafe operator who has just signed a new six-year lease. The yield achieved was circa 5 per cent.

The cafe is located in a busy commercial and retail precinct in the CBD, with a number of local landmarks including World Square, Chinatown, Darling Square and Darling Harbour nearby.

The deal was negotiated by Jordan Lee and Andy Hu of Savills Asia Markets who said the buyer has been looking to invest in the Sydney market for some time.

Moonee Market changes hands

Primewest Diversified Income Trust No 4 has purchased Moonee Market Shopping Centre for $30.5 million from Gowing Bros. Limited (Gowings), Shopping Centre News has reported.

Located on the Pacific Highway north of the Coffs Harbour CBD, Moonee Market is a 10,142sqm neighbourhood shopping centre anchored by a Coles supermarket. The centre has a fully leased net annual income return of approximately $2.3 million.

As a diversified listed investment company, Gowings commenced a process to receive expressions of interest for the sale of the shopping centre earlier this year, with the process being conducted by CBRE.

The centre was originally purchased by Gowings in April 2010 for $13.2 million. During Gowings’ period of ownership, capital expenditure was invested to upgrade the common areas, improve tenancy mix and reposition the centre.

Moonee Market has a diverse range of retailers including childcare, a swim school, a dog grooming centre, a medical centre and a dining precinct which services the local community as well as passing tourism traffic through the Pacific Coast corridor.

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