Stockland divests $81m Wallsend Shopping Centre
Anchored by Coles and Aldi supermarkets, the 12,000 sqm shopping centre is positioned 11 km west of the Newcastle CBD, and includes 37 speciality stores, five ATMs and three kiosks.
“There has been an increase in enquiry for retail investments over the past six months, largely driven by a lack of quality available supply,” said CBRE’s Nick Willis, noting the sale highlighted growing investment demand for shopping centres across NSW.
“With core metropolitan markets still highly sought after, we have noticed a shift in investor demand looking to strong regional locations in pursuit of greater returns. Shopping centres that offer strong growth potential via income or future development are highly sought after.”
Investment demand for regional assets has been underpinned by a lower supply pipeline of new shopping centres being offered to the market across NSW, with just over 12,000 sqm of new space forecasted for delivery in 2018 – well below the long-term average of 47,500 sqm, according to CBRE research.
Retail trade performance across NSW has grown 3.2 per cent year on year, driven primarily by the food and beverage sector, which lifted 4.5 per cent in the 12 months to April 2018.
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