Wollongong Central handed over as GPT sells out to Haben

The centre has been bought by the Sydney-based Haben Property Fund and fast-growing Hong Kong investment house JY Group, with the deal settling on this Saturday.

GPT's decision to build what was then called the West Keira development came at a time when there were grave fears held for the economic health of the city's CBD and became a major vote of confidence in its future.

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And while the CBD's problems attracting consumers may not have all disappeared, the centre's new owner clearly sees enough value to make a substantial outlay.

Completed in 2014, the West Keira development was at the time estimated to have cost $311 to build.

GPT tried to sell the shopping centre in 2018 with a price tag around $500 million but was unsuccessful.

In October GPT told the ASX contracts had been exchanged with a price of $402 million. It said it wanted to focus on larger centres.

On Friday GPT declined to comment on its departure, saying it was in the middle of the settlement process.

The Wollongong Central mailing list sent out an automated message: "You may have heard that there will be a change of ownership at Wollongong Central effective 18 December 2021. Consequently we will be closing down this email database and your information will be deleted - thank you for being a part of our community."

A representative for Haben also said the company was "unable to comment" during settlement.

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