Australasian real estate funds manager, Centuria Capital Group, has divested two long-held daily needs retail centres for a combined $71 million, indicating strong private investor appetite for well-performing regional retail assets supported by a growing local population.
Located in the NSW Central Coast, Belmont Citi Centre and Lisarow Plaza were held by separate unlisted Centuria funds that reached their full term.
Centuria acquired Belmont Citi Centre in November 1996 for about $12 million and has exchanged contracts to divest for $40 million, delivering an anticipated 15% IRR for the single-asset fund investors. Stonebridge’s Alex James-Elliot and Philip Gartland acted on behalf of Centuria for Belmont Citi Centre’s divestment. The fund will be wound down following settlement in June 2025.
Belmont Citi Shopping Centre provides approximately 6,100m2 retail offering including a Coles supermarket and Liquorland, 20 specialty shops, two ATMs and more than 300 car parks.
Lisarow Plaza was acquired in 2017 and the asset’s sale was settled in May 2025 for $31 million. The asset was one of two held in an unlisted fund. Lisarow Plaza, is a 5,250m2 daily needs retail centre, anchored by a full-line Coles supermarket and Liquorland, complemented by 16 specialty stores, two ATMs, and 274 on-grade car parks.
The highly competitive campaign generated 255 enquiries, with 45 groups entering the data room, and more than $120 million in unsatisfied capital from underbidders targeting the asset class. The Colliers team of James Wilson and Ben Wilkinson secured the sale to a NSW-based private investor at a sharp passing yield of 6.09%.
Bruce McCully, Centuria Head of Retail, said, “Domestic retail is experiencing a recent renaissance as expanding net migration is driving population growth in key metropolitan and regional hubs. Both Lisarow and Belmont are within a two-hour drive from Sydney and part of the Central Coast community, which is anticipated to grow more than 18% by 2046.” he said.
“These daily needs retail centres are indicative of the strong investment appetite for quality retail precincts that service a growing community.
“For almost 30 years we have seen Belmont Citi Centre evolve into a catalyst for the Belmont region, a place to shop and socialise while across the past eight years, Lisarow Plaza, has been a central to the growth of its local community. We wish both new owners well in the continuing evolution of these well-regarded Central Coast properties,” said McCully.
Jesse Curtis, Centuria Head of Funds Management said, “Centuria continues to identify well-performing retail assets that benefit from macroeconomic tailwinds. In the past 18 months, we have acquired $220 million of retail assets across Australia. As our long-held funds come to term, Centuria continues to provide new, compelling investment opportunities to the benefit of our investors.”
In February 2025, Centuria acquired the Logan Super Centre (Qld) for $115 million and in 2024 it acquired the $70 million Halls Head Central (WA) and the $35 million Manning Mall (NSW).
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