Charter Hall has added Bay Village Shopping Centre in NSW to its growing shopping centre portfolio.

At a price of $164 million, Charter Hall has acquired the modern sub-regional shopping centre located in the well-established coastal town of Bateau Bay, 90 kilometres north of Sydney. The 29,162 square metre centre, which was expanded and refurbished in 2005 and 2006, is anchored by a strong performing Woolworths supermarket, Coles supermarket, Kmart DDS and Aldi Supermarket together with mini-majors Best & Less, Dick Smith and the Reject Shop.

“We are pleased to add Bay Village Shopping Centre to Charter Hall’s managed retail portfolio and to partner with a high quality global institutional investor at this point in the cycle,” David Harrison, Charter Hall joint managing director, said.

“Charter Hall will continue to source investment grade assets in retail, office and industrial sectors and leverage its in-house property skills across all areas of the business to deliver returns for its investors.”

The acquisition of the Bay Village Shopping Centre, due to complete in late August 2012, increases the value of Charter Hall’s managed Australian retail property portfolios to $2 billion, with approximately 2,500 tenants and circa 780,000 square metres of lettable area.