This article is from the Australian Property Journal archive
THE Novion Enhanced Retail Fund (NERF) has completed the acquisition of the Lidcombe shopping centre in Sydney's west for $60 million.
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NERF acquired the centre from the Newmark APN Auburn Property Fund, which acquired the property in June last year for $51.3 million.
Novion`s joint head of wholesale Jason Ferris said the centre provides a unique opportunity for its investors to acquire a newly-built sub-regional centre in the tightly-held Sydney metropolitan market.
“By acquiring the asset at this stage in development, we are able to share in some of the benefit of the development and further enhance the tenant mix and leasing outcomes for the project with the additional resources of the Novion leasing team,” Ferris said.
Formerly a bulky goods property known as Lidcombe Power Centre, the property is currently being redeveloped into a two-level 32,700 sqm sub-regional centre. On completion, expected in mid-August 2015, the centre will comprise a full-line Woolworths, Kmart, Aldi, six mini majors (including Anaconda and Spotlight), a ten pin bowling alley, 11 kiosks and over 50 specialty stores.
In addition to the acquisition costs, NERF has entered into an agreement to contribute approximately $60 million in instalments through to completion of the development.
Australian Property Journal
