The vendor was the Holdmark Property Group, through Simon Rooney, JLL head of retail investments Australia, on a yield of 8.04 per cent.

It comes as demand for sub-regional malls is increasing as developers seek out opportunities to add value in the suburban growth corridors. The sale of Auburn Central follows that of The Marketplace Auburn, a sub-regional centre under development by Newmark & APN, acquired by iNERF for circa $120 million in February this year, also negotiated by JLL.

Fort Street, through its Australian Property Opportunities Fund II, last week bought the Newtown Central shopping centre in Sydney for $26.4 million, which according to the co-agent, Steven Lerche at Savills, was a 40 per cent gain on the previous sale price in 2013.

Mr Rooney said the Auburn Centre was keenly sought as the area is undergoing a process of urban densification, with a variety of high-rise residential apartment developments under construction and proposed.

He said more than $700 million worth of these smaller suburban centres changed hands last year.

"The very high levels of sub-regional investment activity has continued into 2015, demonstrating the ongoing strong demand for sub-regional assets, particularly those with positive retail fundamentals, future development potential and/or a solid income growth outlook," Mr Rooney said.

"Opportunities to acquire sub-regional centres within established areas of metropolitan Sydney are limited and was highly sought."

Constructed in 2004, Auburn Central forms the "town centre" of a significant mixed-use development that benefits from 450 apartments located above it. Auburn Central is anchored by a 3650-square metre Woolworths Supermarket and a 7159-square metre Big W Discount Department Store, both leased to June 2024, with a number of specialty stores.

The chief executive of Elanor, Glenn Willis, who was recently at Moss Capital, said the centre represents an "exciting opportunity" for investors in the Auburn Central Syndicate.

"The transaction is the third funds management initiative following our initial public offering in July 2014 and increases ENN's owned and managed assets to over $400 million."

Former head of Macquarie property Bill  Moss is a non executive director at Elanor, while former chief investment officer at Mercantile Mutual Investment Management Paul Bedbrook is chairman.

ENN's head of real estate, Michael Baliva, added that the Auburn Central is a mature shopping centre generating stable cash flow by providing convenient access to non-discretionary everyday goods and services for its densely populated and growing trade area.

"The Auburn Central Syndicate provides its investors with strong income returns and opportunities for capital growth," Mr Baliva said.