Stockland, one of the largest diversified property groups in Australia, with more than $17.9 billion of real estate, owns and manages retail town centres, business parks, office assets, residential communities and retirement living villages. Yesterday they announced the sale of two of their commercial assets.
The group’s Stockland Wallsend shopping centre has been unconditionally contracted at $81 million. The centre is just 10 km outside Newcastle and has 43 retail tenants over a building area of 12,000 sqm and parking for 569 cars. It is anchored by Aldi and Coles and its smaller tenants include banks, restaurants, fashion stores and take-away food shops.
Also to go is 77 Pacific Highway, North Sydney. Once the FAI Insurance Building, 77 Pacific Highway is a 15-storey office building comprising two levels of basement parking for 41 cars and six shops on the ground floor. It was built in 1968 and refurbished to the tune of $25 million in 2002 to bring it up to A-grade standard.
The North Sydney property is selling at $112.35 million. It last traded at $24.5 million in 1997.