Erina Fair Shopping Centre Mega Deal Finalised for $895 million

Fawkner Property has finalised the landmark $895 million acquisition of Erina Fair, representing the largest ever 100% trade of an Australian shopping centre.

CBRE’s Simon Rooney in conjunction with co-agents Nick Willis and Sam Hatcher of JLL negotiated the NSW Central Coast transaction, on behalf of Lendlease’s APPF Retail and its co-owner.

The acquisition elevates Fawkner Property’s total retail purchases to $3.5 billion since 2021, reinforcing the group’s strategic focus and conviction for high-quality retail shopping centre investments.

CBRE’s Head of Retail Capital Markets – Pacific, Simon Rooney commented, “We continue to see a resurgence in investor confidence in the Australian retail market, with total transaction levels reaching $12.7 billion for the year, including $6.9 billion worth of super regional, major regional and regional centres transacting in 2025. Both domestic and offshore capital are actively reallocating back into the retail sector, driven by renewed conviction in the outlook, compelling risk-adjusted returns, and an increasingly competitive market environment.”

“The rare opportunity to secure a 100% interest in a major regional centre generated strong offshore engagement, alongside substantial demand from domestic manager and capital groups, including syndicators, unlisted institutions and several REITs – eventuating in a highly competitive process and market leading result,” Mr Rooney added.

Nick Willis, Executive Director for JLL’s Australian and New Zealand Retail Investment Team, notes “The sale of Erina Fair is a significant milestone in Australian retail property with Fawkner’s acquisition marking the largest private syndication deal in history across any asset class. Capital demand for retail is resurging, led by a strong combination of fundamentals and performance driving an increase in major global transactions. Domestically we are experiencing an increased weight of capital from offshore investors competing with local syndication and institutional funds.” 

Located just north of Sydney, Erina Fair is the dominant and largest shopping centre within the Central Coast region and is ranked within the top 25 centres nationally based on total centre MAT (SCN – Big Guns 2025). The centre spans approximately 114,598 square metres and boasts an impressive Moving Annual Turnover of $817 million, attracting over 11 million visitors per year.

Positioned on a landmark 40.8-hectare site, the centre provides significant optionality for future value-add developments and masterplan initiatives, supporting long-term income growth and capital upside.

Anchored by key retailers Myer, Kmart, Big W, Woolworths, Coles, Aldi, Erina Ice Arena and Hoyts Cinema, providing a leading major tenant WALE of 7.0 years (by area). The centre is further underpinned by strong performance depth across retail categories and an expansive, well-established trade area of more than 250,000 residents.