Stockland in $42m retail deal

Stockland in $42m retail deal
Florence Chong
April 12, 2007

STOCKLAND bought the retail component of Cammeray Square on Sydney's lower north shore yesterday for about $42 million.
Stockland will undertake the leasing, tenancy design, marketing and delivery of the retail component, to be renamed Stockland Cammeray.
Developer Hamptons Development Group plans to complete construction by August next year.

The centre will have a total gross lettable area of about 5000sqm on four levels of retail space.

Stockland retail chief executive John Schroder said the asset was well located in a "sought-after, high-traffic location in a strong demographic area".

He said Stockland was focused on delivering high-quality mixed-use precincts as part of urban rejuvenation projects at sites across Australia.

When asked if Cammeray Square would be included in a new trust, a Stockland spokeswoman said the property would be held on Stockland's balance sheet, along with other retail assets.

Stockland launched its third office syndicate and sixth overall fund on Tuesday with a $60 million equity offering to fund the acquisition of four office properties and a car park, valued at $132 million. The group, which will take a 10 per cent stake in its latest fund, expects to close the fund by June.