Primewest pays $45 million for West Gosford Hometown

Property fund manager, Primewest, has acquired West Gosford Hometown for $45 million from Harrington Property Group in an off-market sale through Stonebridge Property Group.
Hometown is an established large format retail centre comprising 15 tenancies with a total lettable area of 15,886 sqm. The centre is anchored by Super A-Mart and supported by a range of national retailers including Petbarn and Paul’s Warehouse.
Commenting on the acquisition Primewest Director John Bond said, “West Gosford Hometown is the primary large format retail centre in the area and is highly visible on Manns Road – a major north-south arterial route. Primewest sees significant growth potential for large format retail in the area and on the Central Coast generally.”
In June last year Primewest also purchased Lisarow Plaza on the Central Coast for $29.1 million (See report CCBR June 2017)
Harrington co-founder and director Matt Davison said the sale demonstrates a successful repositioning of the centre by Harrington Property Group after originally acquiring the asset in July 2013 for $19.075 million.