Local investment house Haben Property Group has teamed up with Hong Kong based JY Group to acquire Wollongong Central shopping centre from GPT Group in a $402 million deal, the latest trade in a gathering rebound for the retail real estate market.

GPT’s divestment of the Wollongong mall in line with its book value, at about a 6 per cent yield, follows 18 months of turmoil in the retail property sector, as the COVID-19 disruption for retail landlords combined with longer-term challenges, including the rise of e-commerce.

But with the reopening of Sydney and Melbourne and the resetting of retail values, deals have begun to flow again as investors become more confident on outlook and willing to seize opportunities.

Haben managing director Ben Finger said the acquisition aligned with the investment platform’s strategy to invest into retail assets that include the potential for mixed use.

“Wollongong Central is an outstanding centre in a fast-growing region which dominates its trade area,” he said.

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