Skip Ribbon Commands
Skip to main content

News release

AUSTRALIA

Altis Property Partners’ $500m Homemaker Centre Retail Portfolio of Assets to come to market

Unique opportunity for investors seeking scale and future redevelopment in high-quality LFR portfolio offering, with the ability for assets to be acquired in one line or individually


AUSTRALIA, 9 May 2018 – An outstanding and highly sought after large format retail (LFR) portfolio comprising four key assets across New South Wales and Queensland is coming to market in the coming weeks. The assets include Homemaker The Valley, Fortitude Valley, QLD; Homemaker Lake Haven, NSW; Homemaker Greenway & Greenway Plaza, NSW and Homemaker Prospect, NSW. 

 

JLL's Head of Retail Investments – Australasia, Simon Rooney, who is exclusively selling the retail portfolio on behalf of Altis Property Partners said, "The LFR sector has clearly benefitted from high growth in residential construction and household turnover. The fundamentals of the sector are attractive in terms of the outlook for income growth. Spending on household goods has grown by over 23% in NSW over the last four years and over 18% nationally. In addition, the supply of homemaker space was essentially cut off in 2010 – and has remained extremely low since that time."

 

Investors are attracted to the low rent profile of LFR assets along with the high- quality national tenancies, low incentive and high barriers to entry. In a low yield investment environment, LFR assets offer attractive yields relative to other retail sub-sectors, with more limited disruption being felt from online competition.

 

LFR assets are unique future value-add opportunities as many assets occupy large, strategically located and high-profile sites, particularly those located in densely populated high-growth precincts. LFR assets, such as those within the portfolio, offer a future redevelopment opportunity with secure and high-yielding cash flow.

 

"The diverse range of tenants and use-types in the assets have transformed them into much more than traditional homemaker centres. The introduction of gyms, food and lifestyle uses have enhanced customer foot traffic and responded to the strong consumer trend towards health and well-being.

 

"Last year was a record year for LFR, with over $1.6 billion in transaction volumes recorded – boosted by the sale by LaSalle of Home Hub Castle Hill and Home Hub Marsden Park for $436 million to Aventus in May 2017.

 

"The LFR sector will benefit from the proposed planning reforms by the NSW Government, which plan to expand the use-types that can operate in LFR zoning and relax the requirements for loading facilities, bringing it in line with VIC and QLD," Mr Rooney said.

 

The retail portfolio will be offered for sale via a formal International Expressions of Interest campaign, closing 14 June 2018.

 

About Homemaker The Valley:

 

The largest and most dominant LFR complex in Brisbane, comprising a total of approximately 38,000sqm built over three multi-level centres. Homemaker The Valley occupies two highly strategic and accessible sites, 'North' & 'South', with a combined site area of approximately 3ha, just 2km north-east of the Brisbane CBD, with convenient parking for 692 cars.

 

Homemaker The Valley offers an exceptional tenancy mix, anchored by Harvey Norman, Freedom, Nick Scali, Aldi, Tesla, T.K Maxx, Guardian Childcare and Goodlife Health Club, in addition to approximately 20 large format retailers, 1 car wash and 2 cafés. There is potential for additional long-term development (STCA), given flexible mixed-use zoning.

 

About Homemaker Prospect:

 

Homemaker Prospect is a busy and well-established homemaker centre, comprising approximately 26,000sqm of GLA, with abundant parking for 686 cars. The Centre is securely anchored by Fantastic Furniture, The Good Guys, Bing Lee, Plush, Snooze, Paul's Warehouse and Croc's Play Centre, together with an impressive array of approximately 20 large format retailers, 2 food-based tenancies and a car wash.

 

Homemaker Prospect occupies a strategic site of 6.6ha, with excellent exposure to the Great Western Highway, just 9km west of the Parramatta CBD and 31km west of the Sydney CBD.

 

About Homemaker Greenway & Greenway Plaza:

 

A bustling and dominant LFR and convenience centre, presented over a total GLA of approximately 29,000sqm and anchored by leading national retailers including Officeworks, The Good Guys, Spotlight and BCF together with approximately 45 large format and convenience retailers, 7 office tenancies and highly accessible car parking for 691 vehicles.

 

The centre occupies a major and high-profile site of approximately 6.4ha positioned on the corner of The Horsley Drive, a main arterial road connecting to the Cumberland Highway and the M7 Motorway, approximately 14km south-west of the Parramatta CBD and 35km west of the Sydney CBD.

 

About Homemaker Lake Haven:

 

Homemaker Lake Haven is a modern LFR centre, comprising three separate buildings presented over a total GLA of approximately 22,000sqm anchored by leading national retailers Bunnings and Harvey Norman and featuring 9 large format retailers and 1 café. The well-established centre occupies a prominent 5.2ha site, with flexible mixed-use zoning. The site is identified as a key site under the LEP permitting the development of up to 80,000 sqm of gross floor area. The site has excellent exposure with significant frontage to Lake Haven Drive and the Pacific Highway, approximately 50km south-west of the Newcastle CBD and 110km north-east of the Sydney CBD. Homemaker Lake Haven also benefits from its strategic location adjacent to Lake Haven sub-regional shopping centre.

- ends -

 

 

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.


JLL has over 50 years of experience in Asia Pacific, with 36,900 employees operating in 96 offices in 16 countries across the region. The firm won the 'World's Best' and 'Best in Asia Pacific' International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics.  www.ap.jll.com.