IP Generation has settled on Stockland Glendale in a $315 million deal, the largest NSW sub-regional transaction in over 18 years.

Colliers managing director for Asia Pacific, Retail Capital Markets, Lachlan MacGillivray, secured the transaction on behalf of Stockland.

The centre is anchored by Kmart, Target, Coles, Woolworths and Event Cinemas, complemented by 10 mini-majors including TK Maxx, Rebel Sport and JB Hi-Fi, 66 specialty and kiosk retailers and 11 pad sites.

IP Generation CEO, Chris Lock said, “IP Generation is privileged to be acquiring this landmark, 19-hectare town centre in a catchment that it positioned for exceptional growth. This is the centre’s first change of ownership in the 30 years since its development, which speaks to how rarely these types of assets are traded. The compelling forecast returns and IP Generation’s track record has underpinned strong demand for this opportunity from our stable of investors.”

Lachlan MacGillivray added, “This landmark transaction of Stockland Glendale is a reflection of the incredible demand for assets that boast both scale and convenience, as well as a comprehensive offering of both discretionary and non-discretionary retailer categories. Stockland Glendale is exceptionnally land rich and the site coverage ratio of 28.2% offers leasing remixing and expansion potential.

“Many large corporations and fund investors such as IP Generation, are increasingly interested in and buying into the retail sector. The confidence they have shown is a testament to the current strength of the retail investment market. Complementing their purchase, a proposal has been lodged to develop the vacant land next to the centre with a residential/mixed-use focus, which will underpin future sales growth at the centre.”

Stockland Glendale was the first super centre outdoor concept combining retail, leisure and entertainment. Occupying a 18.6-hectare site, it is the fourth largest retail land holding in NSW. The centre has extensive frontages to Stockland Drive and Lake Road, providing convenient access to the Newcastle CBD and surrounding suburbs.

The centre boasts annual sales reaching $366 million in February 2024, and strong sales productivity of $10,553 per square metre. The centre attracts annual foot traffic of over 4.8 million, and customers spend $76 per visit on average.