The sale of the Shellharbour Interchange Homemaker Centre to the ASX-listed Valad Property Group was completed in December 2005 for $20.45 million representing a passing yield of 7.75 %.
Tipalea Partners was retained by Valad to develop the second stage of the complex comprising 4,150 m2 of retail space.
Occupying a high profile 3.2 hectare site on the intersection of the Princes Highway and New Lake Entrance Road in Shellharbour, just 20 kilometres south of Wollongong, the Interchange Homemaker Centre comprised two stages of 13,750 m2 of retail bulky goods floorspace.
Stage 1 of the scheme was completed in 2005 with the entire 9,600 m2 leased by the home improvement and hardware specialist Magnet Mart.
Stage 2 comprising 4,150 m2 was then completed in 2006.