A PRIVATE investor from Sydney has paid a huge sum for the Huntlee Shopping Centre.
The centre in the Huntlee development at North Rothbury has sold in a $33 million deal on behalf of Coles Group Property Developments.
Huntlee Shopping Centre was sold through the Colliers team of James Wilson and Ben Wilkinson, in conjunction with James Douglas of CBRE.
The Coles-developed site was sold after an expressions of interest campaign which began in September with price guide expectations "in the $30 millions".
"Huntlee Shopping Centre was secured by a sophisticated Sydney-based private investor in a highly competitive expressions of interest campaign," Mr Wilson said.
"There was national interest and interest from buyers interstate and locally."
Mr Wilson said the depth of market was highlighted by around $180 million in value of unsatisfied private capital still looking to be placed into the neighbourhood shopping centre sector.
The centre, which opened in 2020, is anchored by a Coles supermarket, Liquorland store and 11 speciality retailers, including a medical centre, pharmacy and allied health.
Occupying a 2.3-hectare site in the Huntlee master-planned community, the centre is expected to benefit from over $1.5 billion in Government and private investment planned over the next 20 years.
The Coles supermarket is secured on a new 10-year net lease, with options until 2073, and accounts for 66 per of the centre's gross rent income.
"The performance of Coles and opportunity for income growth through the lease term were key drivers to the pricing outcome," Mr Douglas said.
"Investing in the rapidly growing Hunter Valley region was also an attractive opportunity for potential investors."
The centre sits among a growing precinct in Huntlee which also has a childcare centre, tavern and fast food outlets.
A total of 7,500 dwellings are forecast for development in Huntlee over the next 20 years, accommodating 20,000 people.
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