JLL has successfully brokered the sale of North Wyong Village, a dual-anchored IGA located on the Central Coast of New South Wales for $11.4 million, securing a yield of 6.37% to Unikorn Capital via an on-market Expression of Interest campaign.
North Wyong Village was sold by JLL Retail Investments team Sebastian Fahey and David Mahood on behalf of North Wyong SC Pty Ltd.
Secured by an established IGA supermarket and a newly constructed Oz Education childcare centre, alongside six additional specialty tenancies, the centre delivers an attractive 6.14-year WALE. The centre also features a strategic opportunity, with the childcare situated on a separate lot allowing for future flexibility.
Sebastian Fahey, Senior Executive at JLL Retail Investments – NSW, said, “The sale campaign for North Wyong Village generated significant interest, attracting over 185 enquiries and multiple bids, a reflection of the rare opportunity to acquire a centre anchored by a supermarket for below $15.0 million.”
“IGA-anchored shopping centres continue to attract investors seeking to establish a foothold in the retail sector, with 7 centres transacting nationally year-to-date, totaling more than $156.5 million,” added Mr Fahey.
The asset was sold on behalf of private syndication North Wyong SC with representative Frank Banco saying, “The sale represents an opportunity to recycle our capital into other opportunities as we continue to grow our portfolio into larger centres where we can add value through active management.”
The purchaser, Unikorn Capital, a syndicate based in Sydney run by Helen Tarrant said, “Whilst not all buyers can buy a property above $10 million individually, through syndication, a group of investors can benefit from a higher purchase price with secure tenants with uplift value plus additional cash flow. This is why Helen Tarrant and the Unikorn team chose North Wyong Village.”
As metropolitan retail investments remain tightly held, investors are expanding their search to regional markets to fulfil their retail mandates. This strategic shift has elevated regional retail investment activity to 38% above metropolitan levels, with JLL transacting over $203 million in regional NSW retail assets year-to-date as investor capital increasingly migrates toward high-performing, retail investments outside major metropolitan areas to fulfil their investment mandates.
David Mahood, Senior Executive at JLL Retail Investments – NSW, commented, “As demand for retail investments continues to strengthen, opportunities to acquire these highly sought-after assets remain severely limited, particularly in metropolitan Sydney. This scarcity has driven a significant increase in participation rates for our regional sale campaigns, with average bids per campaign rising from three to eight.”
“This market dynamic creates a brief window for owners to capitalise on the current supply and demand imbalance, as any asset brought to market can expect to receive unprecedented interest,” added Mr. Mahood.
The transaction of North Wyong Village follows other notable JLL New South Wales transactions, including the sale of Imperial Centre Gosford for $62.8 million, Katoomba Village for $34.0 million, Centennial Plaza for $13.7 million and Tanilba Bay shopping centre for $23.0 million.
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