Illawong Village was acquired in August 2010 and sold in September 2017.
The neighbourhood shopping centre was developed in the late 1980s in the affluent suburb of Illawong, approximately 25km south of the Sydney CBD. The centre underwent significant upgrade and expansion in 2007-2008.
Over the lifetime of the trust, Haben Property Fund succeeded in identifying and materialising additional revenue sources, leased out vacancies and improved the overall tenancy mix. The centre also benefitted from a refurbishment of amenities through prudent capital expenditure. In the process, Haben Property Fund was able to outperform targeted returns, and prior to completion of the Fund, succeeded in preparing a resdiential scheme for 150 apartments.
Purchase Date August 2010
Purchase Price $21,000,000
Sold Date September 2017
Sold Price $40,000,000
Majors Coles, Liquorland
Internal Rate of Return 19%