Having completed its West Keira development and reshuffled some major tenants inside Wollongong Central, property group GPT is moving on.

Wollongong Central is on sale through an international expression of interest process, with the GPT Wholesale Shopping Centre Fund (GWSCF) announcing its 100 per cent share is up for sale.

GPT’s injection of construction investment and fresh design revitalised what had been a sagging and aged mall in the centre of the city. The new western wing opened in October 2014.

It has recently completed $68 million worth of “repositioning” works which included David Jones moving into the site of the former Myer store in the Gateway building.

GWSCF is looking to concentrate on bigger shopping centres, fund manager Brett Williams said.

While Wollongong Central is classed as “super-prime”, GWSCF wants to concentrate on “super-regional” sites.

“The planned divestment of Wollongong Central will further increase the exposure of the GWSCF portfolio toward super-regional shopping centres,” Mr Williams said.

“The re-weighting of the portfolio commenced with the divestment of Westfield Woden in late 2016, followed by the expansion of Macarthur Square to super-regional status in 2017.”

Agent Colliers International has been appointed to conduct the EOI campaign.

Wollongong Central includes a David Jones, Target, Coles and over 170 specialty stores with a gross lettable area of 54,600 square metres.

Colliers’ Lachlan MacGillivray said regional shopping centres performed well for investors.

“Regional assets have historically achieved the best return rating across all asset classes, including industrial distribution centres, CBD office buildings and neighbourhood shopping centres over the last 15 years.”

More to come