Colliers has exclusively brokered the $450 million sale of St Ives Shopping Village along with 12 adjoining properties to Iris Capital, representing the group’s first major foray into the shopping centre market.
Colliers Managing Director, Asia Pacific | Retail Capital Markets, Lachlan MacGillivray, secured the transaction of the landmark sale on behalf of EK Nominees, which represents the largest super neighbourhood shopping centre sale in Australian history.
St Ives Shopping Village is a 17,475m2 triple-supermarket anchored shopping centre and is home to Woolworths, Coles and Harris Farm Markets and is complemented by a further 105 tenancies.
With a total centre turnover (MAT) of $264 million, the centre has consistently outperformed industry benchmarks to rank first in sales performance in Shopping Centre News’ annual Mini Guns, which ranks shopping centres with a GLA of 6,000m2 up to 20,000m2.
Iris Capital’s CEO, Sam Arnaout, said: “St Ives Shopping Village has long been identified by Iris Capital as the perfect entry point into the major Australian Retail ownership landscape. The centre is highly coveted and has consistently been ranked Number 1 across all of Australia in the Shopping Centre News Mini Guns rankings over the past 20 years due to its’ unique market positioning and outstanding tenant performance.
“St Ives Shopping Village is well positioned to benefit from significant tailwinds benefiting the retail sector, specifically the undersupply of retail floorspace in the catchment, combined with critically needed future residential supply. We are delighted to purchase St Ives Village from EK Nominees, representing the foundation asset for our new retail management platform,” Arnaout said.
Colliers, Lachlan MacGillivray, said: “The sale of St Ives Shopping Village further reinforces strong market demand for irreplaceable retail assets,” MacGillivray said.
“This sale takes year to date retail transactions in excess of $3.4 billion, with further forecast interest rate cuts expected to give buyers added impetus to act quickly before pricing increases. The St Ives Shopping Village deal continues the current momentum of landmark Australian Retail deals including Westpoint Blacktown, NSW (c$900m), Macquarie Centre, NSW ($830m), The Perron/GPT Retail partnership, WA ($482m) and Northland, VIC ($385m).
“We are delighted to have been entrusted to handle this generational transaction on behalf of our valued client, EK Nominees and look forward to seeing Iris Capital continue to evolve and grow St Ives Shopping Village in the years to come.”
Add comment