This article is from the Australian Property Journal archive
TECH and sustainability-advanced Hobart retail centre Glebe Hill Village has been acquired for $50.25 million by a Charter Hall-managed fund.
Located in Howrah, eight kilometres east of the Hobart CBD, Glebe Hill Village comprises a 6,002 sqm neighbourhood shopping centre anchored by latest-generation Coles supermarket, a full-line Priceline, 24-hour drive-through McDonald’s, Tasmania’s first-ever Liquorland, and a further 16 specialty stores.
JLL’s Jacob Swan, Stuart Taylor and Tom Noonan managed the sale process on behalf of Tipalea Partners.
“The campaign received one of the highest enquiry rates we’ve ever experienced for a neighbourhood asset with over 350 parties registering their interest in the campaign,” Taylor said.
Bids were received from a range private and institutional investors based across Australia.
“This level of interest underscores the quality of the asset and the strong demand for prime retail investments in high-growth areas,” Taylor said.
Charter Hall’s acquisition is just the second on-market neighbourhood centre purchased by a listed REIT since 2022. Swan said the heightened institutional interest in core, high-quality neighbourhood assets “suggests a changing landscape within a space that has been dominated by private capital in recent years”.
Sustainability features at Glebe Hill Village include a full solar array, EV charging stations, smart bathrooms, air quality monitors, a weather station, free wireless charging stations, Tasmania’s first dedicated smart app, cloud-based CCTV, duress intercoms and a building information dashboard.
“Having one of Australia’s leading institutional fund managers acquire Glebe Hill Village in what was a very competitive process is a real vote of confidence in the Tasmanian economy and broader property market,” said Tipalea Partners CEO Scott Spanton.
The funds received from the sale will be fully redeployed into Tipalea Partners’ other Tasmanian projects, including our other retail developments in Kingston and Devonport – which represent a further $100 million investment in the state.
Kingborough Council approved Tipalea Partners’ $45 million Spring Farm Village retail hub in Kingston, on the southern outskirts of Hobart, in October. The 7,500 sqm Spring Farm Village is already 70% leased and will be anchored by a 4,250 sqm Coles supermarket that will be the largest in Kingborough. Chemist Warehouse will also be opening its first superstore in the region.
In Devonport, Tipalea Partners is plotting the $40 million 8,000 sqm Stony Rise Village retail centre, which will be anchored by a Woolworths supermarket and include a Chemist Warehouse. Plans had been temporarily stalled pending rezoning and an appeal to the Tasmanian Planning Commission, however, Tipalea Partners is aiming to kick of construction later this year and intends to host a community update meeting in March.
