Stonebridge Property Group, in conjunction with JLL is pleased to announce the sale of Elermore Vale Shopping Centre for $27,000,000, via a select off-market, Expressions of Interest campaign.
The off-market transaction was negotiated by Stonebridge’s Phillip Gartland and Alexander James-Elliott, achieving a 4.91% yield at a rate of $6,645 per sqm GLA.
Elermore Vale Shopping Centre represents a true repositioning opportunity in the booming western corridor of Newcastle. The Centre is located only 10km from Newcastle’s CBD with a flexible “B2 Local Centre” zoning and is secured by Ritchie’s IGA, with the balance of 15 specialties with 100% of income weighted toward non-discretionary uses. The property has a low 17% site coverage, providing the incoming purchaser optionality in how to unlock value for the property into the future.
The 4,063 sqm centre is located on a major 2.38-hectare landholding with 235 secure at-grade bays. The site offers favourable development controls with schemes for 8,000 sqm of retail, 244 residential apartments & 900 car parks (STCA).
Stonebridge’s Mr James-Elliott said,
“The centre’s protection against future competition as the only mixed-use land holding within Elermore Vale and immediate access to approximately 31,637 residents is a major drawcard.”
“Investors are recognising that Newcastle is a strong location to place capital, and its renewal and subsequent gentrification through private and public investment is significant and will continue to attract investors to this market.” said Mr James-Elliott.
For further information, please contact our selling agents:
Alex James-Elliott | +61 407 651 373 | email@example.com
Philip Gartland | +61 403 582 324 | firstname.lastname@example.org