Sydney Central Park retail property sold for $174.5 million

Sydney Central Park retail property sold for $174.5 million
Staff reporterOctober 10, 2019

Three final retail properties in Sydney CBD's Central Park has been sold for $174.5 million at a 5.5 percent yield. 

Frasers Property Australia and Sekisui House Australia, the joint venture partners behind the award-winning $2 billion Central Park, have sold the assets to a consortium comprising Fortius Funds Management and SC Capital Partners Group on behalf of its RECAP V Fund.

Central Park Retail comprises three freehold retail assets – Central Park Mall, DUO Retail and Park Lane Retail – with a total combined GLA of 14,600 sqm.

Central Park Mall, the largest of the three assets, opened in late 2013.

It is anchored by a high performing Woolworths supermarket and state-of-the-art Palace Central cinema complex.

It houses a diverse mix of entertainment, fashion and experiential retailers, complemented by an alfresco dining precinct.

The Central Park development transformed a former brewery site into a mixed-use precinct with retail, commercial, hotel, education, student accommodation and residential uses. 

 

Central Park Retail was located in a trade area undergoing rapid gentrification and redevelopment, with retail expenditure projected to increase by 4.2 per cent per annum, Sam Sproats, at Fortius Funds Management said.

The Central Park precinct's customer traffic and sales have grown 33 per cent and 56 per cent respectively since 2014.

The assets were sold in one line by Lachlan MacGillivray at Colliers International.

 

Editor's Picks

First look exclusive: Polycell files Sandpiper redevelopment plans after owner buyout
Inside Melbourne's new nature-based neighbourhoods
First look: Stockwell files for new Vulture Street, West End apartment tower
From Broadbeach to Main Beach: Why local downsizers are making the move to Drew Group’s Lagoon Main Beach
SMA Projects makes downsizing easier at The Regent Fitzroy with ‘Settle When You've Sold’ initiative