Elanor Investors Group, which purchased the plaza in October 2012, confirmed the sale.

Elanor chief executive officer Glenn Willlis said the group had actively executed its strategy to optimise the centre’s performance since acquiring it.

He said this included investing in a 10 year lease extension and refurbishment of the Coles supermarket.

“The Coles refurbishment has generated a strong increase in sales with the centre now receiving the benefit of additional percentage rent,” Mr Willis said.

“We are very pleased to have generated a strong risk adjusted return of 26 per cent annum for the syndicate’s investors.” 

The sale includes the syndicate providing an 18 month rental guarantee on vacant tenancies at settlement and reflected a fully leased yield of 8 per cent per annum and a passing yield of 6.9 per cent.

Shopping Centres Australia also owns Woolworths in North Griffith.

Settlement is expected to occur in September.

SCA Property Group owns a diversified shopping centre portfolio located throughout Australia and New Zealand. As of December 2012, the portfolio consisted of 69 centres independently valued at $1406 million (assuming completion of 13 development properties).

SCA Property Group's portfolio benefits from long term leases to the Woolworths Group as anchor tenant at each property.