Imperial Centre Sells for $62.75m in Major Central Coast Deal

Gosford’s Imperial Centre has changed hands for $62.75 million, marking the largest non-metro New South Wales neighbourhood shopping centre sale since 2021.

The transaction reflects renewed investor confidence in convenience retail and strong competition for assets with development potential. The three-level centre spans 16,769 square metres on a 1.55 hectare CBD site only 200 metres from Gosford train station.

GALLERY  

Anchored by Woolworths and BWS, the asset includes 53 specialty tenants, six kiosks, 14 office suites, three mini majors and an ATM, offering a diversified income profile that continues to appeal to private buyers.

The deal was negotiated by JLL’s Nick Willis, Sam Hatcher, David Mahood and Sebastian Fahey together with Colliers’ James Wilson and Ben Wilkinson on behalf of IP Generation. The on-market campaign drew more than 200 enquiries and seven formal bids, highlighting sustained demand for neighbourhood shopping centres despite tight supply.

Willis said buyer depth reflected increasing competition for retail assets in today’s market, supported by limited availability and rising confidence in the resilience of convenience retail. Concept plans by DKO Architects illustrate why interest was so strong, outlining a major mixed-use redevelopment with 478 residential apartments. Wilson noted that the development upside, paired with the centre’s position opposite the station, proved a significant drawcard.

According to Colliers, the campaign generated more than $300 million in unsatisfied capital from underbidders seeking exposure to NSW neighbourhood centres. Wilkinson said investors continued to view convenience retail as a recession resistant asset class with defensive qualities.

Mahood added that the Imperial Centre sale was the ninth neighbourhood centre transaction in NSW this year, with average bids per campaign rising from four to seven. He said opportunities to secure assets of this scale remained limited and that current market conditions were creating a brief window for owners considering divestment.

Private investors have increasingly dominated non-metro NSW neighbourhood centre acquisitions since 2019 as institutions prioritise larger metropolitan assets. Nearly 80 per cent of buyers since 2023 have been private, reinforcing the strength of demand for well located, convenience based centres. Sector observers say the Imperial Centre result confirms the continued competitiveness of the neighbourhood retail market.

Images via The Urban Developer

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