The sale comes as the Lend Lease trust REP3 starts marketing this week for the sale of about $550 million worth of assets, and Mirvac is close to finalising its purchase of Birkenhead Point for about $300 million, edging out rival ISPT.

In a sale negotiated by Peter Tyson and Jon Tyson, of Savills Retail Sales, Wingham Plaza was bought by an Australian-based Taiwanese investor, continuing Savills’ run of sales to high-net-worth Asian investors over the past 12 months.

The agent said the property attracted a lot of investor interest due to the price point, long lease expiry profile and the fact that Coles made up close to 70 per cent of the centre’s total income.

Located at 113-123 Isabella Street, Wingham Plaza is a single-level neighbourhood shopping centre anchored by a Coles supermarket, supported by specialty stores and a freestanding Caltex petrol station.