New owner for Bathurst City Centre

The shopping centre, which opened in 2009, was purchased at a cost of $62.6 million.

Centre manager Janelle Matus, who has been at the helm for the past two years, will continue in her role, and said yesterday she looks forward to taking the next step in the centre’s journey. 

“The extensive knowledge and experience that CFS Retail Property Trust Group brings to this asset provides us with a valuable opportunity to reconnect with our community, and we will be working closely with retailers to maximise the centre’s potential for local shoppers,” she said.

In a statement released yesterday, CFS Retail Property Trust said the acquisition of Bathurst City Centre, reflected a capitalisation yield of 7.75 per cent, which they said “is consistent with CERF’s strategy to invest in quality sub-regional and neighbourhood shopping centres across Australia”.

CERF fund manager Jason Ferris said the acquisition was executed off-market and is in line with the organisation’s philosophy of buying quality assets, located in strong trade areas with known competition.

“The centre will benefit from the application of our intensive asset management model, and the expertise of the CFS Retail Property Trust Group asset management platform,” he said.

In a statement CFS described the centre as “securely anchored by an exceptionally strong trading Woolworths supermarket” with “four mini-majors – Best & Less, The Reject Shop, Dick Smith and one vacancy”, which suggests the centre has yet to secure a new tenant for the former Harris Farm site.

Harris Farm left the centre two months ago relocating to Bernardi’s Supa IGA, leaving asignificant vacancy in the centre.

However, since Harris Farm relocated the centre has acquired at least one new tenant with Primo Patisserie and Cafe opening its doors last week.