JOINT MEDIA RELEASE: Growthpoint Properties Australia, Aware Real Estate and Barings
Aware Real Estate and Barings have each acquired a 50% ownership interest in the large-format retail centre Home HQ Artarmon, for a total value of $180.1 million from a fund managed by Growthpoint Properties Australia (Growthpoint).
Located at 1 Frederick Street, Artarmon on Sydney’s Lower North Shore, Home HQ is a dominant, award-winning adaptive reuse retail centre. Completed in 2010, the centre comprises approximately 23,135 sqm of gross lettable area (GLA) across three levels including a multi-level basement car park. The centre is anchored by Freedom Furniture, Nick Scali and The Good Guys, alongside 25 additional homemaker tenancies including leading national brands.
The asset occupies a dominant position in its trade area and is situated within a major health, commercial and rapidly growing residential precinct, with excellent access via arterial roads and two train stations.
In collaboration with BlackRock’s APAC Real Estate team, the Growthpoint managed fund acquired Home HQ in 2018. It has been repositioned over the investment period, with $9 million capital invested and a successful targeted leasing program which saw national or ASX-listed tenant representation increasing from 71% in 2018 to 93% currently (weighted by GLA). Over FY25, more than 3,400 sqm of space was leased including new food and beverage anchor, Depot Brewery, underscoring the asset’s strong leasing momentum.
Home HQ Artarmon is a leader in sustainability, boasting a 6-star NABERS Energy rating and a 6-star NABERS Water rating. Its sustainability credentials are further supported by extensive rooftop solar installations and grey water recycling, reducing operating costs and future-proofing the asset against tightening ESG requirements.
Growthpoint Executive Director, Funds Management Sam Sproats said: “We acquired this quality asset in 2018 with a defined strategy to reposition the tenancy mix and enhance the income profile, with a vision for what the value-add could be. We are proud to have delivered this strategy, and with a ‘full house’ of complimentary tenants, the new owners can look forward to strong demographic growth. As we realise the value of the asset at the end of the fund term, our Investors can be very satisfied with the repositioning delivered and value created.”
