Charter Hall, TelstraSuper sell another mall
A trust controlled equally by Charter Hall’s Retail REIT and TelstraSuper has divested another shopping centre, this time on the New South Wales north coast.
Rutherford Marketplace, about 32 kilometres north of Newcastle, traded for $49.75 million – a touch above the ($49.6m) December, 2023, valuation, which assumed a 5.75 per cent capitalisation rate.
Anchored to Woolworths, with a BWS and over 20 specialty stores, it was one of the seed assets for the Retail Partnership 1 fund, established in 2011, managed by Charter Hall.
Settlement is scheduled in July; an entity connected to Canterbury League Club is the buyer.
Proceeds will repay debt.
The deal comes three years since SCA Property Group acquired two local retail investments – Marketown, in Newcastle West, and MarketPlace Raymond Terrace – about 25km east of Rutherford.
Another RP1 sale
The Rutherford Marketplace disposal comes 18 months since RP1 offloaded the Brickworks Marketplace, in Adelaide’s inner west, for $85m (story continues below).
The partnership also once held two Sydney malls – Pemulwuy Marketplace and West Ryde Marketplace – sold for $91.5m in 2020.
Coincidentally that buyer, Centuria managed Primewest, divested them last month for a total c$100m.
RP1 also sold Geelong’s Pakington Strand for $31.8m in 2016.
That purchaser also recently flipped that asset, but for just under $31m.
JLL’s Sam Hatcher and David Mahood marketed Rutherford Marketplace.
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