HomeBase Campbelltown has traded for a record $48.3 million to a first-time entrant into the sub-sector. The 11,000-square-metre Homebase Campbelltown was developed in 2006 and is anchored by national retailers such as The Good Guys, Rebel, Bing Lee, Forty Winks and Nick Scali.
It is the sixth major homemaker centre to change hands this year, and the fourth to trade on a yield below 5 per cent as investors pivot towards the retail property sub-sector. Large-format retail property has been one of the better performers since the start of the pandemic, due in part to the housing boom.
According to JLL, the value of large-format retail sales rose 79 per cent to $540 million in the first half of 2021, compared with the first half of 2020, when sales were constrained by the nationwide lockdown.
Sam Hatcher and Nick Willis from JLL negotiated the off-market sale of Homebase Campbelltown.
Mr Hatcher said “Investors have recognised the strong outperformance of large-format centres and pricing has re-rated accordingly given that prime assets are tightly held,” Mr Hatcher said.
Nick Willis said “Recent sales campaigns have reset the market in terms of pricing, but the sub-sector still represents a compelling proposition, especially in terms of yields relative to prime assets in other sectors.
The sale follows JLLs recent sale of Homemaker Lake Haven on NSW central coast last month to a private investor for $46.2million, and the currrent on-market sales campaign of the 25,000sqm brand new Craigieburn Junction in Melbourne.
