Retail Shifts: Charter Hall Acquires Corio Village and Taplin Group Buys Kurralta Village
Two significant shopping centre transactions have reshaped Australia’s retail property landscape, with Charter Hall acquiring Corio Village in Victoria and Taplin Group securing Kurralta Village in South Australia.
Charter Hall has added the Corio Village Shopping Centre to its $14 billion convenience retail portfolio in an off-market deal worth $146 million.
GALLERY
The north Geelong retail asset, positioned on the fringe of metropolitan Melbourne, was sold by Melbourne property house IPG, who had acquired it from Vicinity Centres for $101 million in 2019.
The 33,600sqm centre is anchored by Coles and Woolworths, and also includes Kmart, six mini-majors and 68 specialty stores. With an annual turnover of approximately $200 million, Corio Village is the dominant retail centre in its catchment.
Charter Hall Retail CEO Ben Ellis said the group targeted Corio for its strong supermarket-led tenancy mix and forecast income growth. “We pursued Corio for its anchor supermarket convenience attributes, which reflected a 7 per cent cap rate,” he said. “Combined with forecast income growth, it’s expected to deliver accretive returns for the partnership.”
The transaction was negotiated by JLL.
Meanwhile in Adelaide, Coles has sold the Kurralta Village Shopping Centre in an off-market transaction for $75.2 million. The 10,669sqm centre, located at 153 Anzac Highway just 4km from the CBD, was purchased by South Australian-based Taplin Group.
Anchored by Coles and Kmart, and home to 12 specialty retailers, the fully leased centre produces a net passing income of around $3.5 million per annum and holds a weighted average lease expiry (WALE) of six years by income. The deal was negotiated by Knight Frank’s Ryan Mills, Max Frohlich and Campbell Aitken.
Taplin Group is planning to expand the centre, including transforming Coles into a full-line supermarket. The site also offers potential for residential development, with zoning permitting buildings of up to eight storeys.
Originally opened in 1969, Kurralta Village remains the key sub-regional retail centre in Adelaide’s inner southwest.
Images via The Urban Developer
Queenstown Events Centre has officially reopened its six outdoor netball and tennis courts following a significant rebuild, promising ...
This modern kitchen is an artful fusion of country-style elements and beautiful functionality. Prior renovations, the gallery kitchen restricted ...
The heritage-listed Montana building, ca 1920, was designed by acclaimed Sydney architects John Burcham Clamp and Walter Burley ...
A stunning-looking modern student accommodation building with commercial kitchens, meeting rooms, and courtyard, built to Passive House principals and with ...