Tasmania’s most technologically advanced and sustainable retail centre, Glebe Hill Village, has been acquired from Tipalea Partners by a Charter Hall-managed fund for $50.25 million following a sales campaign managed by JLL.
The centre which opened in 2022 is located in Howrah, 8 kilometres east of the Hobart CBD. Glebe Hill Village comprises a 6,002m2 neighbourhood shopping centre anchored by a high performing, latest-generation Coles supermarket, a full-line Priceline, 24-hour drive-thru McDonald’s, Tasmania’s first-ever Liquorland and a further 16 specialty stores.
JLL’s Jacob Swan, Stuart Taylor and Tom Noonan managed the sale process, which attracted significant investor interest.
Stuart Taylor, Senior Director at JLL, commented, “The campaign received one of the highest enquiry rates we’ve ever experienced for a neighbourhood asset with over 350 parties registering their interest in the campaign. The asset attracted a diverse buyer pool, with bids received from a range of highly qualified Private and Institutional investors based across Australia. This level of interest underscores the quality of the asset and the strong demand for prime retail investments in high-growth areas.”
Jacob Swan, Senior Director at JLL, added, “Charter Hall’s acquisition, just the second on-market Neighbourhood centre purchase by a listed REIT since 2022, signals a positive shift in the retail investment market. The heightened institutional interest in core, high-quality neighbourhood assets suggests a changing landscape within a space that has been dominated by private capital in recent years.”
Developed by Tipalea Partners, Glebe Hill Village represents the first neighbourhood shopping centre to be developed in Hobart in over a decade and the most technologically and environmentally advanced neighbourhood centre in Tasmania with a full solar array, EV charging stations, smart bathrooms, air quality monitors, a weather station, free wireless charging stations, Tasmania’s first dedicated smart app, cloud-based CCTV, duress intercoms and a building information dashboard.
“Having one of Australia’s leading institutional fund managers acquire Glebe Hill Village in what was a very competitive process is a real vote of confidence in the Tasmanian economy and broader property market. The funds we have received here will be fully redeployed into other Tasmanian projects including our other retail developments in Kingston and Devonport – which represent a further $100m investment in Tasmania,” said Scott Spanton, CEO Tipalea Partners.
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