GPT Group is looking to take advantage of the strong demand for retail assets with the proposed sale of the Forestway Shopping Centre, valued at about $100 million.
The centre, which is situated in the Northern Sydney suburb of Frenchs Forest has been listed for sale by the GPT Wholesale Shopping Centre Fund. It is anchored by Woolworths and Aldi, which are both on long term leases.
Demand for food-based suburban and neighbourhood-based malls is high as consumers still prefer to buy fresh food and most groceries in person and leave fashion and dry goods for online purchases.
The desire to have a community hub with cafes, some fashion and grab and go items, is still high. Some centres are also used as meeting areas for small businesses that work from home.
Other deals have been the sale of Federation's half share of its Karingal Hub in Frankston, Melbourne, to co-owner ISPT for $115 million.
Last week, SCA Property bought four new shopping centres in Tasmania and Queensland, to bulk up its portfolio, for $99 million.
GPT Wholesale Shopping Centre Fund's manager, Michelle Tierney, said the fund was aiming to realise the value of a non-core asset and capitalise on strong investor demand.
"Both global and domestic buyers have shown keen interest in strong performing, metropolitan retail assets," Ms Tierney said.
"This is a great quality asset, which performs strongly but is no longer considered a core asset.
"Divestment of the asset would give GWSCF additional capital to allocate to opportunities that align with the Fund's strategy."
Colliers International has been appointed to market Forestway Shopping Centre.
