Woolworths has sold the Brickworks site at Torrensville to a global retail company for $7.55 million but will continue to lease the space.

Charter Hall Retail REIT announced today its purchase of the site that will be home to the Brickworks Marketplace shopping centre – a $75 million development.

The centre, which includes more than 20,000 square metres of retail space, will be constructed by Woolworths and is expected to be complete in mid 2015.

The site will also feature a BIG W and Dan Murphy’s liquor store with specialty retail opportunities currently being marketed for lease.

Woolworths and BIG W have committed to 20-year leases.

In an announcement from the Australian Stock Exchange Charter Hall fund manager Scott Dundas said the purchase would strengthen REIT’s earnings and Charter Hall’s relationship with Woolworths.

“Our focus is on continuing to strengthen and improve the quality of our Australian portfolio, and Brickworks Marketplace is a perfect fit for the REIT, Dundas said.

He said the centre serviced an “established local community” and would provide a convenient retail option.

Brickworks traders vacated the site in October last year to make way for the new development. Markets have operated at the site for 30 years.