This article is from the Australian Property Journal archive
NSW-based developer Panthera Group is having a second shot at selling its Hunter Region neighbourhood shopping centre, hoping to capitalise on the rebound in retail investment.
In the first major listing outside of Sydney this year, Panthera has put its Terrace Central shopping centre on the market again.
The group has appointed CBRE’s James Douglas and James Sherley and Savills’ Steven Lerche to steer the expressions of interest campaign, which is expected to generate significant interest from private, syndicate and institutional investors.
Located 165km north of Sydney and 27km north of Newcastle’s CBD, the 6,978 sqm centre occupies a land-rich 17,453 sqm freehold site.
“The on-market campaign presents a rare opportunity to acquire a 100% interest in a strong performing neighbourhood shopping centre, anchored by a highly productive and recently upgraded Woolworths supermarket,” Douglas said.
“The 4,052sqm supermarket is trading 23% above the Urbis benchmark on a rate per square metre basis, which is testament to its outstanding convenience, service and food offering,” he added.
This is the second time Panthera has tried to sell the property, after initially putting it on the market in 2023 with expectations of over $50 million.
The group acquired the shopping centre from Vicinity in 2017 for $33.5 million.
This listing comes as the market continues to recover. Recently Region Group acquired Kallo Town Centre in Kalkallo for $64.5 million, in Melbourne’s first major neighbourhood centre transaction of the year and a Charter Hall-managed fund acquired Hobart’s Glebe Hill Village from Tipalea Partners.
Glebe Hill Village sold for $50.25 million after receiving one of the highest enquiry rates for a neighbourhood centre, according to its selling agents JLL, registering over 350 interest parties, from a range private and institutional investors.
The resurgence of interest in retail bodes well for Panthera.
Lerche is expecting strong local and interstate investor interest given the centre’s strategic location and range of inclusions, boasting the region’s only Woolworths “Direct to Boot” service and 12 Tesla Superchargers.
Furthermore, Woolworths and BWS completed an internal refurbishment in 2022 and have committed to new 10-year leases to 2032, with options until 2062, securing 51% of the centre’s gross income.
Other tenants include The Reject Shop, Australia Post, a medical centre, pharmacy, and other ‘essential needs’ retailers, with non-discretionary retail representing over 87% of the gross passing rent.
The EOI close Wednesday, 12 March 2025.
