A recently constructed Woolworths Shopping Centre in the Illawarra-Shoalhaven region has been snapped up for $40 million prior to its public marketing campaign.
A Victorian private investor has secured Woolworths Bomaderry Shopping Centre at a fully leased yield of 5.43%. The Shopping Centre was constructed in 2020 by Fabcot, the development arm of Woolworths Group.
The 4,200 square metre Woolworths and BWS is supported by a gym, medical centre, pharmacy and four other specialty tenants, serviced by a car park. The centre is the only full line supermarket in the primary catchment, with the deal negotiated before coming to market by the Colliers team of James Wilson and Ben Wilkinson.
“Woolworths Bomaderry Shopping Centre is only the third NSW non-metro neighbourhood shopping centre sold in the state in 2023 year-to-date, reflecting the limited supply of high-quality shopping centre opportunities and the high demand from domestic and offshore private capital when they come to market,” Wilson said.
“The benchmark result represents the sharpest yield paid for a NSW Neighbourhood Shopping Centre in 2023, and reflects the incredible Woolworths supermarket performance and dominance in the catchment.
“With Woolworths securing 77% of GLA of the fully leased shopping centre, the high profile offering required minimal management, aligning with the predominantly private capital target purchaser mandates.”