Dexus sells Homemaker Prospect for $78.9 million

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Large-format retail centre Homemaker Prospect in Adelaide, South Australia, has been sold by Dexus to AsheMorgan for $78.9 million.

The 26,000sqm centre with 28 showrooms and a prime location in one of the nation’s fastest-growing catchments, is home to retailers including Fantastic Furniture, The Good Guys, Snooze, Beacon Lighting, and Bing Lee.

Dexus bought the development for $64.2 million in 2019.

Nick Willis and Sam Hatcher of JLL, who managed the sale, said the deal reflects the intensified demand for large-format retail assets because of the category’s resilience over the past two years.

In October, AsheMorgan sold Sydney’s Crossroads Homemaker Centre to LaSalle Investment Management for $282 million. This transaction was also handled by JLL’s Nick Willis and Sam Hatcher, who sold it for more than double the $140 million paid for the centre in 2018.

Last year, Dexus sold stakes in two super-regional shopping malls. Dexus Wholesale Property Fund was providing a 20-per-cent investment in the Pacific Fair Shopping Centre on the Gold Coast and a 25-per-cent stake in Sydney’s Macquarie Centre.

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