SCA Property Group has struck a deal to acquire MarketPlace Raymond Terrace for about $87.5 million to add to its growing portfolio of regional assets.
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Due to settle on July 1, MarketPlace sold for two-and-a-half times the $35 million that Canberra-based family-owned developer Goodwin and Kenyon Group paid for what was then a brand new shopping centre in 1999.
Michelle Tierney, chief operating officer of SCA, told the Examiner that the purchase was the real estate investment trust's first in Port Stephens.
"We have a number of other assets in the Newcastle and Hunter region. This is a great asset in a really great demographic. It was really exciting for us to have this opportunity," she said.
"The people managing the centre are really well regarded by the retailers and the community. We're really keen to continue their legacy. We love local, shop local and act local. It's what we stand for.
"We have no specific plans to change anything."
The 15,000-square-metre centre in William Street is the largest retail shopping complex in Raymond Terrace.
Alongside a Woolworths supermarket, the centre includes a BWS liquor store, Woolworths Petrol, a Big W department store, as well as 38 specialty shops and services.
All three of the Port's major shopping centres have been sold in the past four years.
The sale of MarketPlace follows that of Terrace Central to property investment and management company Panthera Property Group and Salamander Bay Square to real estate investment trust Charter Hall Retail, both in 2017.
Panthera purchased Terrace Central for $33.5 million while the Salamander Bay shopping hub sold for $174.5 million.
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