Woy Woy’s Deepwater Plaza has sold to private property platform Raptis Investments for $111 million.

This marks the third shopping centre sold by Dexus in the past few months, and comes in the same week that Woolworths sold two malls in Queensland.

The deal was struck on a yield of roughly 6.5 per cent, in line with the previous two Dexus transactions.

The 17,417sqm shopping centre is anchored by Kmart and Coles.

“This transaction demonstrates the shift in investor focus and renewed demand for sub-regional centres, specifically for assets with a clear focus on non-discretionary spending and genuine value-add opportunities,” said CBRE’s Simon Rooney, who brokered the deal.

Over $700 million in sub-regional malls have changed hands this year alone, showing the bricks-and-mortar shopping mall market remains robust, despite the past few years of pandemic-driven chaos.