14 October 2022

Sydney investor buys Tuggeranong Homeworld for $46 million

| Ian Bushnell
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Tuggeranong Homeworld

Tuggeranong Homeworld: quality tenants and 333-space carpark. Photo: Sentinel.

Tuggeranong Homeworld in Greenway has been sold for $46 million, almost 50 per cent more than the seller paid for the high performing retail centre eight years ago.

The shopping centre was Sentinel Property Group’s first property in the nation’s capital when it was purchased in July, 2014, for $31 million.

It has sold Homeworld to another investment group, Garry Allan Carter’s Sydney-based Metro Diversified Property Management.

Sentinel CEO Warren Ebert, said Tuggeranong Homeworld, which has major tenants including the Federal Government, Aldi, Dan Murphy’s, PETstock, Supercheap Auto and PJ O’Reilly’s Authentic Irish Pub, had been a tremendous asset which had helped deliver strong returns for investors.

“The Sentinel Tuggeranong Retail Trust has continually delivered for investors over the past eight years,” Mr Ebert said.

“While Tuggeranong Homeworld has been an excellent asset and we have been able to add value to the centre such as an upgrade of the Aldi supermarket, we received a good offer for the property.

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“The decision to sell is always based on Sentinel’s strategy of buying at an opportune time and then selling based on our view of the market.”

Tuggeranong Homeworld, opposite Southpoint, contains 25 specialty tenancies and six major tenancies.

The single level 12,228 square metre neighbourhood centre with an attached office has about 333 carparking spaces.

A key attraction for Metro would have been the 2.2 hectare island site in the middle of Tuggeranong, as well as the yield from the centre with quality tenants.

The deal gives it a foothold in Canberra, where significant assets such as this do not trade often.

Last year Sentinel bought Scarborough House, a Federal Government occupied office tower in the Woden Town Centre, for $83 million.

Sam Hatcher and Nick Willis of JLL Retail Investments brokered the deal.

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