The $3.5 billion Local Government Superannuation Scheme (LGSS) has purchased the Sturt Mall subregional shopping complex for a purchase price of $36.25 million.
“We are delighted to have made this investment in Wagga Wagga, and this latest purchase will further strengthen the Scheme’s $250 million property portfolio,” said Chairperson of LGSS and President of the Local Government Association of NSW, Councillor Peter Woods OAM, on the acquisition by the Scheme.
“Not only is this a sound commercial investment, it also helps to redress the imbalance of properties that are predominantly owned in the metropolitan areas. The Scheme recognises the fact that viable investment opportunities exist not only in the capital cities, but also in regional and rural NSW,” he said.
The centre has been significantly redeveloped and refurbished. With Coles Supermarket and K Mart Discount Store, both on 20 year leases, the Centre also has 46 speciality retailers. The Wagga Wagga property is set on approximately nine acres and is expected to further contribute to the strong performance of the Scheme’s property portfolio, which returned in excess of 11 per cent during the past year.
“This purchase ensures that the highly successful LGSS remains appropriately diversified and balanced in terms of its asset allocation policy,” Councillor Woods said.
For further information contact Mark Sainsbury, Chief Investment Officer at LGSS, telephone (02) 9299 3000.
