Stonebridge is pleased to announce the sale of Marketown Newcastle for $163.25 million to AMP Capital. The benchmark sub-regional centre sale was negotiated exclusively by Stonebridge via off-market private treaty.
Marketown is a thriving retail precinct in the heart of Newcastle, comprising a Woolworths, Coles, Big W, 7 mini-majors and 58 specialty shops over a total lettable area of 26,011 sqm. Situated at the heart of an evolving mixed-use precinct, Marketown is set to benefit from increasing density and major investment in transport and education infrastructure. The infrastructure investment will benefit Newcastle as a region and also the immediate catchment area of the shopping centre as the CBD and fringe continue to gentrify and mature.
Stonebridge Director Jonathan Fox said “Marketown is a unique asset that offers a mix of income security, leasing upside and long term mixed-use potential. We are witnessing strong demand for assets of this quality and scale, which is being amplified by limited quality stock – only 5 transactions in NSW in excess of $150 million over the past 12 months”.
Stonebridge Director Philip Gartland said “Stonebridge has a longstanding presence in the Greater Hunter and NSW North Coast regions, having sold over 20 retail assets in the region in recent years. Our in-depth knowledge of the market and its key players helped our client unlock a benchmark transaction via a discreet private treaty process”.
For a copy of the sale analysis and more information about the transaction, please contact the Stonebridge team on +61 2 9254 9900.