Raymond Terrace retail centre sold for $33.5 million

Raymond Terrace retail centre sold for $33.5 million
Staff ReporterJune 26, 2017

The Terrace Central Shopping Centre at Raymond Terrace, north of Newcastle, has sold for $33.5 million to Panthera Property Group on a passing initial yield of 6.55 percent.

David Mathews, JLL’s Director, Sales & Investments, New South Wales, said Terrace Central generated significant interest from a range of investors such as institutions, syndicators and private investors.

“We continue to see institutions divesting assets within their portfolio which are non-core to their investment strategy," he said.

"Conversely, private investors, syndicates and boutique funds management groups are seeking to grow their exposure to the tightly-held neighbourhood shopping centre sector.

“JLL has recorded just 17 neighbourhood transactions in Australia so far in 2017 totalling $381.1 million, but only 5 have been in NSW - including Terrace Central.

“The market has been somewhat stock constrained, and investors are broadening the range of assets under consideration in terms of risk profile,” said Mr Mathews, who worked in conjunction with Queensland Retail Investments Sam Hatcher and Jacob Swan."

Editor's Picks

First look: Two-tower plans for hundreds of new homes in Westmead health hub
Inside Park Modern, South Melbourne: Five minutes with Time & Place Founder Tim Price
Time & Place kicks of construction at Two Tides Manly with half of the apartments sold
First look: Carpe Group and ICON Developments team up again for new downsizer apartments in Hawthorn
Rozelle Village achieves strong results as sales officially launch