Stockland sells Glendale super centre for an eye watering amount

Who knew that the place people spend all their hard-earned money would be worth so much hard-earned money?

The 20-hectare site has been purchased by private equity real estate investor IP Generation.

Hunter Means Business approached IP Generation, asking if there were plans to develop, upgrade or expand the site.

The firm declined to comment, however a representative said the company would have more to say in the coming months.

Stockland was also tight-lipped on the sale.

"Stockland recently agreed to sell Stockland Glendale. In the interim, we are committed to continuing to manage the centre as we have always done," a spokesperson said.

The retail giant has recently sold a number of its centres, including supermarkets in Norwa and Balgowlah, on Sydney's northern beaches.

Stockland bought the Glendale site in 1996, which was one of the first of the true outdoor super centres, combining retail, leisure and entertainment in the one location.

The site has been upgraded twice, including a $60-million overhaul in 2015.

It houses Coles, Woolworths, Aldi, Kmart, Target, and Event Cinemas, with 11 mini-majors including TK Maxx, Rebel Sport, Cotton On Mega and Dan Murphy's, along with about 75 specialty stores.

The centre was valued at $320 million in June 2023 and trades on a yield in the mid-seven per cent range.

Based in Melbourne, IP Generation describes itself as a "boutique fund manager of commercial real estate", that manages more than $1.5 billion of assets across a mix of retail, office and other developments.

It already has a hand in several shopping centres in Melbourne, Perth, the Gold Coast, Cessnock and Gosford.

It's interesting to see such a heavy investment in bricks-and-mortar retailing. It feels like we've been warned online shopping would be the death of traditional retail for the past decade.

Coincidentally, Amazon is desperate for more seasonal workers in Australia.

The company needs an extra 1400 workers at its fulfilment centres and logistic sites across the country to support the mid-year sale season.

We've also been told for what feels like forever that we're in the middle of a cost of living crisis. Yet somehow, we always find some money for sale (guilty as charged).

Hunter Means Business is a weekly column proudly flying the flag for the region's economic sector, published every Tuesday. Got a tip? Email jamieson.murphy@newcastleherald.com.au

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The Newcastle Herald recently featured Ampcontrol in its Innovation Ready series, in partnership with Out of the Square Media, which was all about innovative businesses in our region.

The company has more than 1100 workers spread across Australia and southeast Asia and builds solutions for the resources, energy and infrastructure sectors.

Ampcontrol managing director and chief executive Rod Henderson said "innovation is in our DNA".

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"Our approach to radical thinking and challenging the status quo will continue to be at the forefront of innovative energy solutions.

"To be recognised for delivering on our vision by @AuManifacturing reinforces our drive to deliver for industry."