Mirvac offloads Stanhope Village for $158m

Revelop has expanded its retail portfolio after acquiring a 100% stake in Stanhope Village, as investor demand for sub regional centres remain elevated.Β 

The transaction was negotiated off-market on behalf of Mirvac by JLL’s Nick Willis and Sam Hatcher.

The transaction reaffirms the current bifurcation between prime and secondary retail assets as investors continue to seek quality assets with significant landholdings in key growth locations.  

The high performing sub regional centre is anchored by Coles, Aldi, Kmart and supported by 80+ specialty stores and is situated on an attractive 5.33 hectares landholding and comprises of 18,063 sqm of Gross-Lettable-Area.

Developed and held by Mirvac for nearly 20 years, Stanhope Village is located 25 km from the CBD in Sydney’s fast growing north-west corridor. The centre is ranked 7th in the Shopping Centre News mini-guns with a reported turnover of $171 million and at a rate $9,467 per sqm. 

Revelop co-founder Charbel Hazzouri said, β€œStanhope Village is a true retail unicorn. The tenancy mix, convenience and location ensure this asset will continue to serve the community and provide for its occupants for years to come. Predominantly non-discretionary retailers, Stanhope has proved its relevance and importance to the local community and continues to outperform all benchmarks. We are excited for this asset to join the Revelop Portfolio.”

Revelop co-founder Anthony El-Hazouri said, β€œStanhope Village represents a key acquisition in Revelops’ ongoing retail strategy across NSW, SA and VIC. The centre embodies unique attributes such as the convenience of a neighbourhood centre but the amenity of a sub-regional centre. Its location in the northwest growth corridor aligns with our key greenfield retail sites cross the Northwest and Sydney Metro basin. We are excited to build upon this incredible asset over years to come.”

JLL’s Nick Willis said, β€œ100% interest prime metropolitan sub regional assets are rarely traded, Stanhope Village reflects only the 6th freehold metropolitan Sydney sub regional of scale to have sold in the last decade.Β 

β€œAssets like this continue to attract a strong weight of capital in the current environment given their strong trading performance and investment fundamentals, including long-term mixed-use development opportunities.

β€œWe are dealing with an elevated weight of capital from both local and offshore investors looking to deploy into the Australian retail market given the value it represents in comparison to other sub-sectors. However, investors remain very discerning on asset and geography selection,” said Mr Willis.

JLL’s Sam Hatcher said, β€œWhile the market continues to find clarity on the outlook of the economy, investor demand for sub regional stock remains elevated as evident by total transaction volumes being $2.7 billion for 2022, 74% above the 5 -year average and just shy of 2021’s record breaking transaction volumes.”

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