The Grand Residences Eastlakes to benefit from One Global Capital's shopping centre purchase
After completing the transfer of the One Global Conference Centre, Iwan Sunito’s One Global Capital has continued its buying spree securing The Grand Shopping Centre at Eastlakes in Sydney’s east.
It's paid $19.5 million, on a yield of seven per cent, for the shopping centre that sits beneath the Crown Group developed The Grand Residences Eastlakes.
“This acquisition will bring One Global Capital’s investment asset value to be in excess of $750 million,” One Global Capital Chairman and Group CEO Iwan Sunito said.
“We are at the early stage of growth phase of the company. I am very happy with the strategic acquisition that I have built up in the last two years.
“This significant acquisition forms part of a strategic seven-year vision to go public while growing the ‘recurring income’ of the company and building its mixed-use development capacity."
The centre will eventually be rebranded from The Grand to The One Global Centre.
"The team is immediately working towards adding more mix including more convenience stores. We expect to fill up the space within three months following completion of the acquisition."
The first stage of The Grand Shopping Centre, which opened in July 2021, comprises over 3,000 sqm of retail space and consists of 16 outlets including a larger format ALDI, a Woolworths Metro and a range of specialty stores including Pattison Pattiserie, Wholelife Pharmacy, Australia Post and Newsagency, Ausome Nails, Akira Sushi, Hatch Espresso, SP mobile and Val Morgan Retail.
Sunito said they want The One Global Centre to be the new community hub for the East.
“I am greatly inspired on the ‘walking village’ and ‘green concept’ of Brisbane’s James Street in Fortitude Valley and West Hollywood. We want The One Global Centre to be a centre that brings green to the area and also to rediscover its social and cultural roots.
“I believe that The One Global Centre being surrounded by many of the residents around it and the low-rise buildings is ideal for this walkable village and green centre concept.”
