This article is from the Australian Property Journal archive
BOUTIQUE funds manager Viento Property has sold the Elermore shopping centre in Newcastle for $8.35 million.
The property was purchased by a private Sydney group.
CB Richard Ellis director, retail investment properties Steve Lerche and CBRE Newcastle managing director Angus Klem negotiated the sale of the neighbourhood centre.
Viento head of property Kevin Murphy said the sale represents a satisfactory outcome for the Viento Diversified Fund and is in line with the fund’s strategy ahead of a planned capital raising next month.
The older-style centre was originally built in 1979 and refurbished in 1990. The centre is anchored by a strongly performing BI-LO supermarket together with 16 specialty tenancies. The shopping centre is located 9km south west of Newcastle and 152km north of Sydney. The centre has a gross lettable area of 3,873 sqm and includes 235 on grade car parking spaces.
“The property provides the purchaser with an opportunity to capitalise on the strong performance of the existing tenants by potentially expanding the supermarket and attracting additional speciality tenants.
“There is refurbishment and redevelopment potential subject to the relevant planning approvals, with centre occupying a large site of 19,500 sqm,” Lerche said.
Australian Property Journal