Centuria Capital Group has divested two retail centres on NSW’s Central Coast for a combined $71 million. 

The sale of the Belmont Citi Centre and Lisarow Plaza demonstrated strong investor appetite for retail assets.

The Belmont Citi Centre was acquired by Centuria in 1996 for $12 million and has been divested for $40 million, delivering an estimated 15 per cent internal rate of return (IRR) for the investors. 

The Coles anchored centre consists of a Liquorland, 20 speciality shops, and over 300 car park spaces. 

The Lisarow Plaza, a 5250sqm daily needs retail centre, was acquired in 2017 and sold this May for $31 million. 

The plaza is anchored by a Coles supermarket and a Liquorland and has 16 other stores and 274 car parks. 

“Domestic retail is experiencing a recent renaissance as expanding net migration is driving population growth in key metropolitan and regional hubs,” said Centuria’s head of retail, Bruce McCully.  

“Both Lisarow and Belmont are within a two-hour drive from Sydney and part of the Central Coast community, which is anticipated to grow more than 18 per cent by 2046.” 

The divestments will help Centuria explore other fund opportunities through the recycling of proceeds.