The GPT Wholesale Shopping Centre Fund (GWSCF) today announced the launch of an International Expressions of Interest (EOI) campaign for the sale of its 100% interest in Norton Plaza, which includes the management rights of the landmark super neighbourhood shopping centre.
Located 6km from the Sydney CBD, Norton Plaza is a dominant convenience, food based 11,800m2 centre featuring a Coles supermarket and 50 retailers. The successful repositioning works of the basement level in mid-2018 saw the introduction of a large-format Harris Farm Market, ensuring Norton Plaza maintains its position as a leading neighbourhood retail destination in Sydney’s inner west.
GWSCF Fund Manager Anthony McNulty said: “The planned divestment of Norton Plaza is on strategy to further increase the exposure of the GWSCF portfolio towards dominant regional and super-regional assets”
Colliers International Head of Retail Investment Services Lachlan MacGillivray and CBRE Capital Markets Retail Investments’ Nick Willis have been appointed to conduct the EOI campaign, which will formally commence in late early June 2019.
“Norton Plaza is an outstanding neighbourhood shopping centre that has all the qualities that astute investors are looking for in an investment,” said MacGillivray.
“It is located in Metropolitan Sydney, has an outstanding Coles supermarket contributing percentage rent and is complemented by a highly destinational, non-discretionary tenant mix led by Harris Farm Markets, Priceline and Anytime Fitness.
The local demographic is one of the most impressive in Australia with robust infill population growth and outstanding household income levels which sit at 42% above the Australian average”, he continued.
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