- Sydney-based TAMIM Asset Management has bought the Hunter Valley centre for $23M
- 12,020 square metre large format retail centre is anchored by multiple homeware tenants
- The transaction was handled by CBRE
Sydney-based investment house TAMIM Asset Management has bought the Hunter Valley centre at Rutherford, in the Hunter Region of New South Wales, for $23.2 million.
One of the most populated suburbs in the region with 12,000 residents (2016 Census), Rutherford is a mix of residential, light industrial and manufacturing plants.
The 12,020 square metre large format retail centre is anchored by tenants Nick Scali, Amart Furniture, Anaconda and Lounges Plus.
CBRE’s Senior National Director, Retail Capital Markets, Pacific, James Douglas negotiated the transaction.
“Since the global pandemic, we have seen a marked increase in capital searching for large format and non-discretionary retail,” Mr Douglas said.
“We expect assets with strong lease covenants and tenure, such as Rutherford, to continue to drive investor demand.”
The centre is situated 5 kilometres from the Maitland town centre and approximately 38 kilometres north-west of Newcastle and 170 kilometres north of Sydney.
Rutherford had a historical connection to racing, dating back to the mid-nineteenth century. The landscaped racecourse was once a landing site for aviators Charles Kingsford Smith and Bert Hinkler.
The racecourse has long since disappeared and is now an industrial estate.
SQM Research statistics suggest the local rental vacancy rates are as low as 0.5%. Average house prices have been rising steadily in the area, from around $400K in 2010 to $566K (February 2021), up 6% over the past year.
