News and Media
Fortius Funds Management Active Property Trust No 1 is taking advantage of demand for retail property in Sydney by selling its Campbelltown SupaCenta.
A syndicate arranged by Fortius has paid $32 million for the Junction Fair Shopping Centre in Newcastle, which was sold by AMP Property.
Regional malls, anchored by bulky goods tenants, are in high demand, say retail agents, particularly in developing residential areas. The housing boom has increased sales for soft furnishings and whitegoods.
The SupaCenta is in Sydney growing south-west corridor and is being sold through Knight Frank and LJ Hooker Commercial Campbelltown. Andrew Palmer, Knight Frank retail sales senior executive, said the centre is under the Campbelltown LEP and has many redevelopment options including residential and employment.
Ben Stewart, Knight Frank retail sales director, said the area has a projected 110,000 new dwellings for some 300, 000 residents and will form part of the largest development in the country with up to 1 million dwellings built and 2 million residents housed by 2031.
Darren Zammit, sales and leasing director at LJHooker Commercial Campbelltown, said Oran Park, Gregory Hills, Leppington, Minto and Appin have had signiﬁcant growth in housing over past years with the government freeing up land.
Sydney Morning Herald
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