Stockland sells Wallsend Shopping Centre for $81 million
Staff reporterAugust 6, 2018
Stockland has sold the Wallsend Shopping Centre in Newcastle to Sydney-based Haben Property Group for $81 million – reflecting a yield of 6.6%.
The 12,000 square metre shopping centre, anchored by Coles and Aldi supermarkets, is set on a 42,114 square metre site, some 11 kilometres west of the CBD.
The sale was in line with Stockland's book value.
The 1988 centre includes 37 specialty stores, including three kiosks, one office, five ATMs and a McDonald’s.
CBRE, who sold the property, noted a lower supply pipeline of new shopping centres was being offered to the market across NSW.
According to CBRE Research, just over 12,000 square metres of new space is forecast for delivery in 2018 – well below the long-term average of 47,500 square metres.
