Hines, a leading global real estate investment manager, has announced that it has completed the acquisition of Westpoint shopping centre in Sydney, in partnership with Haben Property Fund, from Queensland Investment Corporation Ltd (QIC).
This acquisition marks Hines’ first retail asset in both Australia and the Asia Pacific region, highlighting the growing optimism and improved fundamentals in the global retail sector.
Located at 17 Patrick Street in Blacktown, a key transport hub in western Sydney, Westpoint spans approximately 104,000m2 of core retail space, making it one the biggest shopping centres in Sydney’s west. Anchored by Australia’s three largest supermarket chains, the property is strategically positioned in one of NSW’s fastest-growing metropolitan areas.
“The retail sector has undergone a remarkable transformation, and we believe it is now poised for continued growth,” said David Warneford, Country Head of Australia and New Zealand at Hines. “Westpoint represents a significant step for Hines. We’re pleased to partner with Haben, and we’re excited about the value the asset is expected bring to our portfolio, partners, and tenants.”
“Haben was attracted to the asset’s strong performance and its prime 9-hectare location within Sydney Metro, situated in NSW’s largest and fastest-growing Local Government Area (LGA). The attractive investment fundamentals, including a strong IRR, and the acquisition price being well below replacement cost, further reinforced the strategic appeal of this investment. We are incredibly proud to be part of this historic moment with Hines as we continue to grow our business,” said Ben Finger, Managing Director at Haben.
“We observed a void of buyers at the large end of the market. Global capital investment in real estate is resurging due to positive rent spreads. Westpoint, the fastest-growing LGA in NSW, offers significant growth potential with its large trade area and extensive infrastructure projects.”
The sale of Westpoint Shopping Centre managed by Colliers’ Managing Director of Asia Pacific Retail Capital Markets, Lachlan MacGillivray, broke records as the largest single transaction of an established retail asset in Australian history, surpassing the 2017 sale of Indooroopilly Shopping Centre.
“Westpoint is an exemplary asset that QIC has been proud to steward over 34 years, driving value creation into what has become the retail and lifestyle heart of Blacktown,” said Michael Fattouh, Fund Manager for QIC’s Town Centre Fund.
“This record-breaking sale is a testament to all we’ve achieved in this time, but also QIC’s ability to successfully transact to realise value for clients when the time is right.”
According to Hines Research, recent supply constraints in the retail sector have effectively ‘right sized’ the market to align with new demand realities. This has led to a clear distinction between winners and losers within the sector, while recovering consumer sentiment and wage growth further support the compelling case for well-located, grocery-anchored retail formats.
“The retail sector is showing promise, but it’s important to focus on the right opportunities,” added Warneford. “Not all retail is created equal. There are opportunities to invest in places that truly stand out, especially for those who know where to look. Strategic locations like Westpoint — supported by strong demographic and active asset management — are particularly attractive.”
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