Lendlease Sub Regional Retail Fund sells Northgate Shopping Centre in WA

13 Oct 2021

Lendlease’s Sub Regional Retail Fund (LLSRF) has exchanged contracts for the sale of Northgate Shopping Centre in Geraldton, WA with Primewest for $71.23 million.

The centre was sought after due to its dominant position within its community and mix of anchor and specialty tenants. Northgate recently underwent a successful repositioning strategy, including introducing Kmart into the centre.

The 15,774sqm centre is the only sub-regional centre within the city, anchored by a strong performing Coles supermarket and Kmart supported by 18 convenience and service-oriented specialty tenants. 

Strategically located in the heart of the Mid-West region, the Centre is the only sub-regional shopping centre within 385km, servicing over 51,000 people across the total trade area. 

JLL’s Nick Willis, Sam Hatcher and Nigel Freshwater steered the sale. 

Quotes attributable to Scott Mosely, Managing Director, Investment Management

“The strategic divestment of Northgate represents a strong outcome for our investors supported by a successful repositioning strategy. Sub-regional shopping centres focused on essential convenience and service offerings have generally performed well over recent years and this has influenced positive investor sentiment towards the sub-sector. 

“More broadly, the outlook for retail remains positive and confidence is returning to the sector, evidenced by strong transactions in the first half of this year. 

“We remain focused on evolving our sub regional centres in response to changing consumer trends including sustainability and wellbeing, lifestyle, service and convenience.”

ENDS 

For more information please contact: 

Tessie Vanderwert  
General Manager, External Affairs, Lendlease
[email protected]
+61 428 483 828