Belmont Citi Shopping Centre Sold for $40 Million – The First Sale in Over 27 years

Stonebridge’s Philip Gartland and Alex James-Elliott have successfully transacted Belmont Citi Shopping Centre in New South Wales on behalf of Centuria for $40 million.

Stonebridge ran on-market Expressions of Interest campaign in late 2024, which attracted substantial investor interest from privates, syndicates and institutions, with a local private investor securing the property on a 5.78% passing yield. The sale notably marks the first time the asset has changed hands in over 27 years.

Situated just 15 km south of the Newcastle CBD, Belmont Citi is a prominent neighbourhood shopping centre occupying the largest single landholding in the Belmont CBD. Anchored by a high-performing Coles supermarket, which includes Liquorland, 20 convenience-based specialties, and 3 kiosks over 6,801 sqm of lettable area. The asset was initially acquired by Primewest in 1997 before merging with Australian-listed manager Centuria in mid-2021.

Coles features a rare 15-year net lease with 3-yearly base rent reviews plus options to 2042, historically paying turnover rent. The major is complemented by a high proportion of national and chain specialty tenants including Bakers Delight, Subway, Optus, Greater Bank and Blooms the Chemist, providing a destinational town centre location.

Stonebridge National Partner Philip Gartland stated, “the high enquiry levels received during the expression of interest campaign from a diverse range of capital sources highlights that investor appetite is strong for Neighbourhood shopping centres. The successful sale emphasises the demand for non-discretionary tenancy profile and long leases to blue chip tenants and marks the fifth regionally located neighbourhood shopping centre to transact in New South Wales in 2025 thus far.”

Stonebridge Director Alex James-Elliot noted on the sale that, “purchasers were attracted to the genuine ability to develop Belmont Citi into a trophy mixed-use development, underpinned by its favourable planning controls and low 39% site coverage. The centre’s flexible mixed-use zoning and 16 to 19 metre height limit² in combination with its landmark site in Belmont CBD and views over Lake Macquarie, provides a multitude of investment strategies for the new owner”.

Figures are an approximate only
¹ LocationIQ
² Lake Macquarie LEP 2014

For further details, please contact:

Philip Gartland
Phone: +61 403 582 324
Email: pgartland@stonebridge.com.au

Alex James-Elliott
Phone: +61 407 651 373
Email: ajameselliott@stonebridge.com.au