SCA Property Group has confirmed its acquisition of the Delacombe Town Centre in country Victoria for $112.4m.
The Centre, on the outskirts of Ballarat, 100km west of Melbourne is home to a Woolworths, K Mart, 35 specialty retailers as well as a 500-seat, six-screen Showbiz cinema, and a Direct Chemist Outlet and medical centre.
The centre is designed as a main street rather than an indoor mall and provides parking for over 850 cars.
The centre sits on a 6.5 hectare site on the Glenelg Highway and serves a growing catchment. More than 12,000 people are expected to occupy new housing estates in the area in the next 15 years with up to 3000 house blocks already approved.
Officially opened on 2nd September 2017, the Delacombe Town Centre was built at an initial cost of $60 million by the well-known developer Troon Group. Troon Group have also developed the adjoining Bunnings Warehouse and Ballarat Lifestyle Centre.
SCA acquired the Centre on a fully let yield of 5.34%.
SCA have acquired 4 centres in the last 6 months including Marketplace Raymond Terrace for $87.5m, Market town Shopping Centre for $150m and Drayton Central for $34.3m.