The transaction takes Garnaut’s Fawkner Property assets under management to more than $5 billion, establishing the company as one of the top ten largest retail landlords in Australia and the largest private retail fund manager in the country.
The deal represents the largest full interest sale of a regional shopping centre in Australia in the past 15 years and the biggest retail landholding ever transferred into private hands in NSW.
According to The Australian, the purchase price reflected a 22 per cent discount to the centre’s previous peak valuation of $1.15 billion.
Erina Fair was sold by South Korea’s NPS and the Lendlease-run APPF Retail fund, which is working to return funds to investors after almost its entire register voted to wind it up.
The complex near Gosford generates total annual sales of about $814 million, placing it within the top 25 shopping centres nationally.
Grocery sales alone exceed $250 million annually, with major tenants performing well above industry benchmarks.
Woolworths generates approximately $99 million in annual sales at the centre, while Coles brings in $95 million, Aldi $25 million, and Harris Farm $35 million.
The centre is 99 per cent occupied and anchored by major tenants including Kmart, H&M, Uniqlo, Big W, Myer, and Hoyts.
The acquisition continues Mr Garnaut’s aggressive expansion in retail property.
The company has purchased approximately $1.8 billion in retail assets nationwide, including properties in Western Australia, New South Wales, Victoria, and Queensland.
The deal comes as Mr Garnaut implements Australia Day celebrations across his shopping centre network.
Under his direction, Erina Fair will now hold Australia Day celebrations in keeping with the businessman’s commitment to making it a priority for retailers and customers.
The Erina Fair complex sits on a sprawling 100-acre site, which the new owner will leverage to boost returns.
With a low site coverage of about 26 per cent, the property offers substantial long-term development potential across its underutilised landholding.
