Colliers has brokered the sale of St Ives shopping centre and 12 adjoining properties from Iris Capital for $450 million to another family investment business making its first foray into the retail market.
The deal was secured by Colliers’ MD, Lachlan MacGillivray, on behalf of EK Nominees, and is the group’s first investment in retail property.
Ranking first in Mini Gun Asset Trades this year with $3.4 billion in retail transactions, the 17,475sqm centre houses 105 tenants, including three major supermarkets, Woolworths, Coles and Harris Farm Markets.
“St Ives shopping village is well positioned to benefit from significant tailwinds benefiting the retail sector, specifically the undersupply of retail floorspace in the catchment, combined with critically needed future residential supply,” said Sam Arnaout, Iris Capital’s CEO.
“The St Ives Shopping Village deal continues the current momentum of landmark Australian retail deals, including Westpoint Blacktown, NSW (c$900 million), Macquarie centre, NSW ($830 million), Perron retail partnership, WA ($482 million) and Northland, Victoria ($385 million),” said MacGillivray.
- Further reading: Western Sydney’s Greystanes shopping centre sold for $76 million
