Altis exits bulk retail

Altis Property Partners has sold Lake Haven Homemaker Centre for $46.25M to Metro Diversified Property Management.

The centre opened in 2007 and includes Harvey Norman, BCF, Pets Domain, Beds R Us, Barbecues Galore, Autobarn, Godfreys, Beacon Lighting, Repco, Anytime Fitness and a café kiosk.

Bunnings vacated the site in April 2019 to open bigger premises in Chelmsford Rd, Charmhaven.

Altis bought the property for $40.5M in 2014 and this is the last of its four similar properties, marking the company’s exit from large format retail to focus on industrial and logistics property.

Meanwhile, Metro is building its retail portfolio, having bought the Blaxland Home Centre in Campbelltown in 2019 for $47.5M.

Sue Murray