Neighbourhood shopping centre site sells at Glenmore Park

Neighbourhood shopping centre site sells at Glenmore Park
Staff ReporterJune 27, 2016

A new shopping centre is slated to be built in Sydney's western suburb of Glenmore Park following the $7.22 million sale of a 2.11 hectare island site.

The property, 90-98 Glenmore Ridge Drive, Glenmore Park, is located in the heart of the Glenmore Ridge residential community development, is bound by Darug Avenue, Glenmore Ridge Drive, Glenholme Drive, and Deerubbin Drive. 

Mintus Properties Pty Ltd purchased the site from Lensworth Glenmore Park Limited, a subsidiary of Stockland Development Pty Limited.

NSW director of retail investment services at Colliers International, James Wilson, said the surrounding master planned community has undergone a transformation from a new suburb into a developing community with this neighbourhood development delivering the retail component of the original vision for the precinct.

“The increasing lack of supply for quality neighbourhood centre sites in greater Sydney shows no signs of slowing down, given the sharp yield compression experienced over the past two years for completed investments," he said.

 “The uplift in value for neighbourhood sites and shopping centres can also be attributed to the high levels of capital we are seeing from domestic and offshore investors combined with the low cost of debt in the current record low interest rate environment."

 

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