$450m St Ives Shopping Village sale finalised
Following last year’s record-setting sale, first announced in May 2025, this marks the largest neighbourhood shopping centre sale in Australian history and stands as a rare changing of hands for one of the country’s most tightly held retail assets, which last sold 40 years ago.
The centre has consistently delivered market-leading results, ranking number one nationally for total moving annual turnover in Shopping Centre News’ Mini Guns report.
For Iris Capital, the acquisition represents a strategic entry into large-format retail ownership, backed by full funding certainty and institutional capital partnerships.
“We are pleased to complete the acquisition of St Ives Shopping Village, a generational asset of exceptional quality,” said Iris Capital chief executive Sam Arnaout.
“With settlement now complete, our focus is on building on the legacy of the centre while continuing to evolve the precinct in line with the needs of its community.
“We have long viewed this as the ideal entry point into the Australian retail ownership landscape, and it will serve as the foundation asset for a broader, scaled retail platform.”
Arnaout said the group had already identified opportunities to deploy further capital into the asset, with plans to enhance income, refine the tenancy mix and unlock long-term growth.
The sale was brokered by Colliers, which described the transaction as a “generational handover” between private groups.
“Settlement of St Ives Shopping Village marks the conclusion of a remarkable period of long-term family ownership and the beginning of its next chapter,” said Lachlan MacGillivray, managing director, Asia Pacific – retail capital markets.
“We exclusively brokered and negotiated this landmark transaction on behalf of the vendor, ensuring a seamless transition from long-term ownership to a new owner with a clear vision to build on the asset’s success.
“Assets of this quality are rarely traded, and even more rarely transitioned with such continuity. We continue to see extremely strong through-cycle demand for high-quality retail assets.”
Home to more than 100 long-standing tenants, the centre has maintained consistent trading performance, underpinned by its dominant position within Sydney’s North Shore catchment.
The deal comes amid continued competition for high-quality retail investments, with Colliers’ research pointing to stable yields and resilient investor appetite for supermarket-anchored centres, particularly those with strong local demographics and proven turnover performance.
Iris Capital is now actively pursuing further acquisitions, targeting dominant neighbourhood and sub-regional centres across key metropolitan markets as it looks to scale its retail platform.
