More than $450 million of shopping centre purchases being finalised

Institutional and investor appetite for retail assets shows no sign of fading, with more than $450 million worth of shopping centre deals around the country believed to be close to being finalised or just completed. 

Mirvac Group is close to finalising its purchase of the Harbourside Shopping Centre in Sydney's Darling Harbour in deal believed to be worth more than $255 million. A source told Property Observer that the deal could be finalised as soon as next week.

The three level retail and entertainment centre was listed for sale by Suntrack Holdings, a company owned by developer John Beville. Suntrack reportedly paid $127 million for the property in 2004.

Selling agent Stonebridge Property Group declined to comment.

In a separate deal, Raptis Investments have purchased the Inala Plaza shopping centre for $32.350 million. The sub-regional centre, located south?west of Brisbane's CBD, was sold on a passing initial yield of 11.5%.

The centre is anchored by supermarket retailers Woolworths and Coles and supported by two mini major tenancies and 60 specialty tenancies. The sale was negotiated by Jonathan Fox and Carl Molony of Stonebridge Property Group, on behalf of the vendor 360 Capital.

Speculation has also emerged that potential suitors for Harbour Town Perth have entered the second round of negotiations. At least two offshore parties, one from Singapore, are said to be having a hard look at the outlet shopping centre.  Colonial First State could also be among the interested parties. The price is believed to be around $165 million plus.

Expressions if interest for Harbour Town Perth closed in 26 September.