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Centro Albion Park on the market
Released 9 August 2011

Centro Albion Park shopping centre has been divested on the market with Colliers International, as retail investment activity continues to gain momentum around Australia.    

The open air neighbourhood shopping centre, with a total gross lettable area of about 5,570sqm, is located in the suburb of Albion Park, about 23km south west of Wollongong and about 100km south of Sydney CBD. It is home to more than 25,580 residents in its primary and secondary catchments.

Heath Crampton, Colliers International Director of Retail Investment Services NSW, said there has been a significant amount of pre-campaign interest from private, offshore and institutional investors.

“This is due to the limited number of quality neighbourhood shopping centres that have come on to the market.

“Centro Albion Park ticks all the boxes. It is a rare opportunity for active investors looking to acquire a secure and well-established centre which dominates its catchment consisting of about 25,580 persons and provides the only full line supermarket.”

Woolworths also reflects about 51 per cent of the gross rental income with both the supermarket and service station equating to 72 per cent of the total GLA. The Woolworths supermarket is also forecast to pay percentage rent, reflecting consistent strong sales growth and providing a security of income.

“Shopping centre investment activity is expected to pick up significantly in the second half of the year, primarily due to the introduction of several new institutional managed wholesale funds with a focus to acquire sub regional and neighbourhood assets with a capital value of sub $100m. This sub $100m market has predominantly been limited to private investors in the last 24 months.” Crampton said.

“With investment yields stabilised and showing signs of tightening over the next six to 12 months for quality retail assets, purchasers will have a limited window of opportunity to acquire assets and reap the benefit from this yield compression.”

Heath Crampton, Colliers International Director of Retail Investment Services NSW, has been exclusively appointed to manage an expressions of interest campaign for Centro Albion Park, closing Tuesday 23 August 2011 at 2.00pm AEST.