Investment company Centuria has sold two long-held daily needs retail centres on the Central Coast of New South Wales for a total of $71 million, reflecting strong demand from private investors for high-performing regional retail assets.
The divestments include Belmont Citi Centre, which was acquired in 1996 for approximately $12 million and sold for $40 million, and Lisarow Plaza, purchased in 2017 and recently sold for $31 million.
Both properties were part of unlisted Centuria funds that have reached the end of their terms. Many investors from the maturing funds have reinvested into new Centuria opportunities, including the recently closed single-asset Centuria Logan Super Centre Fund.
Belmont Citi Centre spans about 6,100 square metres and includes a Coles supermarket, Liquorland, 20 specialty shops, two ATMs, and over 300 parking spots.
Settlement is expected in June 2025, with the sale projected to deliver around a 15 percent internal rate of return (IRR) for investors.
Lisarow Plaza, a 5,250-square-metre daily needs centre anchored by Coles and Liquorland, includes 16 specialty retailers, two ATMs, and 274 on-grade parking spaces. Its sale was finalised in May.
“Both Lisarow and Belmont are within a two-hour drive from Sydney and part of the Central Coast community, which is anticipated to grow more than 18 per cent by 2046,” said Bruce McCully, Head of Retail at Centuria.
“These daily needs retail centres are indicative of the strong investment appetite for quality retail precincts that service a growing community.”
Centuria’s recent acquisitions include Logan Super Centre in Queensland for $115 million in February 2025, Halls Head Central in Western Australia for $70 million, and Manning Mall in New South Wales for $35 million.
“In the past 18 months, we have acquired $220 million of retail assets across Australia. As our long-held funds come to term, Centuria continues to provide new, compelling investment opportunities to the benefit of our investors,” said Jesse Curtis, Head of Funds Management at Centuria.
Stonebridge’s Alex James-Elliot and Philip Gartland represented Centuria in the Belmont Citi Centre sale, while Colliers’ James Wilson and Ben Wilkinson acted on the Lisarow Plaza transaction.