Property fund manager, Primewest from Harrington Property Group, has acquired West Gosford Hometown for $45 million from Stonebridge Property Group in an off-market sale.

Hometown is an established large format retail centre comprising 15 tenancies across a total lettable area of 15,886 sqm on the NSW Central Coast. The centre is anchored by Super A-Mart and supported by a range of national retailers including Petbarn and Paul’s Warehouse.

“West Gosford Hometown is the primary large format retail centre in the area and is highly visible on Manns Road – a major north-south arterial route,” said Primewest director John Bond.

“Primewest sees significant growth potential for large format retail in the area and on the central coast generally.”

Harrington co-founder and director Matt Davison said the sale demonstrates a successful repositioning of the centre by Harrington Property Group after originally acquiring the asset in July 2013 for $19.075 million.

Over the past 12 months, Stonebridge has facilitated over $500m in off market deals.

“This transaction was a win-win for both the vendor and purchaser, concluding quickly via a discreet off-market placement,” said Phillip Gartland, Stonebridge director.

“The vendor was keen to secure a pre-Christmas sale at a strong price, the purchaser undertaking a strategic re-deployment of capital and risk into a highly secure asset with future potential and in an outstanding regional NSW location.”

In August last year, Primewest also purchased Lisarow Plaza on the Central Coast for $29.1 million.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.