Tipalea Partners Sells Glebe Hill Village shopping centre at Howrah to Charter Hall for more than $50m
It has only been open for two years, but a company with ambitions to build more shopping centres across the state has sold its Tasmanian firstborn for more than $50m.
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Glebe Hill Village shopping centre has been sold to Charter Hall, a property investment and funds management group, for $50.25m.
The shopping centre was developed by Tipalea Partners and opened at Howrah in 2022.
The company is also planning to open shopping centres in Devonport and Kingston.
Glebe Hill Village features the state’s only Liquorland, a 24-hour McDonald’s, a Coles supermarket, and 17 other stores.
Tipalea Partners CEO Scott Spanton said he was pleased to see Charter Hall acquire the shopping centre.
“Having one of Australia’s leading institutional fund managers acquire Glebe Hill Village in what was a very competitive process is a real vote of confidence in the Tasmanian economy and broader property market,” Mr Spanton said.
“The funds we have received here will be fully redeployed into other Tasmanian projects, including our other retail developments in Kingston and Devonport – which represent a further $100m investment in Tasmania.”
Real estate firm JLL managed the shopping centre sale, and its Senior Director, Stuart Taylor, said it attracted significant investor interest.
“The campaign received one of the highest enquiry rates we’ve ever experienced for a neighbourhood asset, with over 350 parties registering their interest in the campaign,” Mr Taylor said.
“The asset attracted a diverse buyer pool, with bids received from a range of highly qualified private and institutional investors based across Australia.
“This level of interest underscores the quality of the asset and the strong demand for prime retail investments in high-growth areas.”
Fellow JJL Senior Director Jacob Swan said retail investment was thriving.
“Charter Hall’s acquisition, just the second on-market neighbourhood centre purchase by a listed REIT since 2022, signals a positive shift in the retail investment market,” Mr Swan said.
“The heightened institutional interest in core, high-quality neighbourhood assets suggests a changing landscape within a space that has been dominated by private capital in recent years.”
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Originally published as Tipalea Partners Sells Glebe Hill Village shopping centre at Howrah to Charter Hall for more than $50m
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