Central Park

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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. 
 
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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.
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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.
 
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Sydney Central Park retail property sold for $174.5 million

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Frasers Property Australia and Sekisui House, the joint developers behind the $2 billion Central Park development in Sydney’s CBD, have secured Jaycar Electronics to a flagship tenancy at Central Park Mall.
The electronic giant has unveiled a collaborative experiential retail concept that encourages people to “Think Possible”.
The new store sells over 7,000 active product lines as well as integrating an equipment for hire service, interactive display areas and collaborative workspaces.
It’s centred around a “Maker Hub” – a dedicated space where customers participate in workshops, challenges, attend events and use specialised equipment such as 3D printers to work on their own projects.
Felicity Armstrong, General Manager – Assets, Frasers Property Australia says the new Jaycar store is an ideal fit with the experiential and entertainment identity of Central Park Mall.
Located on level one of Central Park Mall, the new Jaycar store spans over 420 square metres and is a larger format than most of its other stores.
Jarrod Carroll, Chief Marketing Officer, Jaycar says the new concept pushes the boundaries of experiential retailing.
“Our new Maker Hub space will allow customers to have hands-on experience with many of our products,” Carroll said.
“It’s all about inspiring people through the endless possibilities of technology.
“We didn’t want to be in a mainstream styled shopping mall but wanted a centre that better reflects our brand personality.
“After investigating the options in the area we liked the concept, design and tenancy mix at Central Park Mall best, including its artistic and creative precinct.
“We also loved the proximity to the universities and TAFE and the inner city too – with easy access via transport.”
The new lease continues the strong partnership between Frasers Property and Jaycar.
Earlier this year the two agreed a deal that will see Frasers Property deliver a new 21,595 square metre state-of-the-art automated warehouse and distribution centre for Jaycar at its Eastern Creek Business Park in Sydney.
Central Park Mall is anchored by a Woolworths supermarket and Palace Cinema complex, and houses a diverse mix of entertainment, fashion and experiential retailers, all complemented by a world class alfresco dining precinct.
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Jaycar chooses Central Park Mall for new concept store

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The final three retail assets in Central Park Retail, in Sydney CBD's downtown precinct are being offered for sale in one line.
Central Park Retail is Frasers Property Australia and Sekisui House’s award-winning $2 billion mixed-use Central Park development. 
With the flagship 12-year project now nearing completion, the joint venture is divesting the remaining three retail assets – Central Park Mall, DUO Retail and Park Lane Retail – in one line.This transaction is the final component of the partnership’s divestment strategy.
Internationally recognised for the vertical gardens and heliostat, it was transformed from a former brewery site into a mixed-use precinct with retail, commercial, hotel, education, student accommodation and residential uses.
“Central Park has redefined urban living in Sydney and Central Park Mall is the natural heart of this community. The precinct has won multiple awards in design and liveability and we are searching for the right buyer to keep the retail offer evolving,” says Mick Caddey, Development Director, Frasers Property Australia.
“These retail assets serve a large and growing catchment from a highly prominent and easily accessible location; surrounded by universities and education precincts with over 115,000 students within walking distance of the centre."
“Neighbouring Central Station is less than a 500 metre walk and is Australia’s largest and most frequented railway station. Central Station is currently undergoing a $955 million upgrade, with an estimated 270,000 commuters passing through the station daily,” says Mr Caddey.
Colliers International’s Head of Retail Investment Services, Lachlan MacGillivray, has been appointed to sell the CBD retail assets via an International Expressions of Interest campaign commencing in early May.
The Central Park Retail offer comprises Central Park Mall, DUO Retail (eight retail outlets) and Park Lane Retail (six retail outlets) in one line.
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Central Park Mall opened in late 2013. 
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Its comprised of 14,600 sqm of gross lettable area set across five levels.
“The Central Park precinct continues to go from strength to strength and customers are voting with their feet and wallets with customer traffic and sales having grown 33 percent and 56 percent respectively since 2014,” says Mr MacGillivray.
This transaction represents the first significant opportunity since 2013 to acquire a 100 percent interest, with management, in a high calibre retail centre in Sydney’s CBD.
Recent sales of Sydney CBD retail assets highlight strong investor demand for a tightly held asset class, with a 25 percent interest in MidCity Centre transacting at a yield of approximately 4.0 percent and Pitt Street’s Soul Pattinson Building sold for $95 million at 4.0 percent. 
Central Park Retail is expected to transact in excess of $170 million.
Mr MacGillivray anticipates Central Park Retail will receive keen interest from domestic and international, private and institutional purchasers, given its quality and profile.
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Final three Central Park Retail assets hit the market

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DUO, the penultimate development at the $2 billion masterplanned Central Park precinct, has seen new retailers open their doors.
Adventure retailer Kathmandu join Starbucks, Best Bite Convenience and donut shop Cross Lane have opened up on the Broadway retail and restaurant streetscape.
The new DUO retailers will be joined in coming weeks by Fika, a new concept from the team behind innovative café florist Cuppa Flower, as well as new eateries Fire and Coal and Talay’sThai, to add futher spice to the dining mix.
In all, DUO features nine ground floor tenancies with extensive frontage to Broadway.
Kathmandu’s major new store covers a dual tenancy.
One tenancy remains available for lease.
DUO completes the Broadway frontage at Central Park where Woolworths supermarket comes with amenities like Palace Central cinemas.
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A final opportunity for retailers to set up shop at Central Park was recently released in the Wonderland building, with four boutique tenancies ranging between 57 square metres and 193 square metres suitable for casual dining, restaurant, bar, food and beverage, and service uses.
Wonderland is well-connected between Regent Street, Broadway and Kensington Street.
When complete, Central Park will include 2,200 apartments, 869 student dwellings, three hotels and approximately 25,000 square metres of hospitality space.
About 5,300 people will call Central Park home and around 1,750 people will work there.
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New shops open their doors at DUO, Central Park

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Frasers Property Australia, Sekisui House Australia and Impact Investment Group have secured the University of Technology Sydney (UTS) as a new commercial tenant at Central Park, Sydney.
UTS will occupy the commercial space in One Hundred Broadway, on the corner of Abercrombie Street and Broadway in the $2 billion Central Park master planned community in Chippendale.
UTS’s Graduate School of Health (GSH) intends to relocate to One Hundred Broadway, from where it will provide postgraduate courses in the disciplines of pharmacy, clinical psychology, orthoptics and physiotherapy, along with new programs such as genetic counselling, Indigenous health and speech pathology, as they are developed.
The School also plans to operate a multidisciplinary primary health care clinic at Central Park that supports its teaching and research in these disciplines but which will also be of benefit to the community.
UTS will lease the entire commercial space of approximately 5,500 square metres over a 15-year term with two ten-year options. The commercial space, known as One Hundred Broadway, spans six levels.
Central Park’s Project Director, Mick Caddey, said the UTS Graduate School of Health was an excellent tenant for the commercial space at One Hundred Broadway.
The Graduate School of Health has about 500 senior, postgraduate students.
Up to 300 students will attend the Central Park premises during semester in addition to 80 full-time researchers and clinical staff, along with patients and clinical research participants.
UTS Deputy Vice-Chancellor (Resources), Patrick Woods, said a number of compelling factors including it being ideally located in relation to its growing city campus.
Postgraduate students, researchers and staff in turn will benefit from proximity to the amenities at Central Park, including the five-level Central Park Mall, which features over 50 specialty retailers, a Palace Cinema (opened late 2017) and Woolworths, two childcare centres, the Kensington Street dining and lifestyle precinct, and the precinct’s public park, Chippendale Green.
Currently under construction, the DUO development, which includes One Hundred Broadway, is due for completion in late 2018. The Graduate School of Health expects to begin operating there in mid- 2019.
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UTS sign Central Park, Chippendale tenancy 

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Leading Australian impact fund manager, Impact Investment Group, (IIG) has entered the Sydney property market, securing options to buy into Central Park.
IIG, the Liberman family backed entity, has entered into put and call options with joint venture developers Frasers Property Australia and Sekisui House Australia to acquire two of the final properties to be built in the Central Park precinct for $190 million.
The site is partially developed.
On its mid-2018 completion, IIG will acquire the six-level, 5,413sqm ‘100  Broadway’ commercial office property and the 297-room luxury hotel ‘Four Points by Sheraton Sydney, Central Park’.
IIG has established separate investment syndicates for each property.
100 Broadway and the hotel form part of DUO – a mixed use development comprising two towers of residential, hotel, retail, childcare and commercial spaces, designed by the leading global architecture firm, Foster + Partners and local collaborating architect Architectus.
IIG CEO, Chris Lock, said he "couldn’t be more proud" of our first foray into the Sydney market with these properties.
"We were waiting to find a building designed to the highest standards in sustainability."
100 Broadway will integrate with Central Park’s highly efficient systems for power, heating, cooling and recycling water.
The properties will draw power from Central Park’s two-megawatt trigeneration plant, which is expected to reduce CO2-e emissions by 190,000 tonnes over its 25-year expected life.
The DUO towers sit on the north-west corner of the Central Park precinct in Chippendale, facing Broadway and are five minutes’ walk to Sydney’s central train station and bus interchange.
The towers are being built above and around the heritage-listed Australian Hotel, built in 1936 and bought last year by hotelier Bruce Solomon and high-profile chef Matt Moran.
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Impact Investment Group set for office/hotel Central Park, Sydney stake

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Palace Cinemas has announced it will open a multi-screen complex on the fringe of the Sydney CBD.
The cinemas will be at Central Park on Broadway.
Palace Central will be Palace’s fifth cinema in NSW. It also recently announced a new Double Bay location.
“The most impressive thing about the Central Park location is that it’s so accessible to the people of Sydney; it’s become a major thoroughfare and a new community that we’re delighted to be a part off,” says Benjamin Zeccola, CEO of Palace Cinemas.
The 14-screen complex, which will be located on level three of the centre.
The cinema will be the new home of the Italian Film Festival and the Latino Film Festival.
Designed with a bar, the complex is scheduled to open in late 2017.
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Palace Cinemas to open on Broadway

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Childcare operator Greenwood Early Education Centres is set to open 180 childcare spaces across two centres in Central Park's urban village in Sydney's Chippendale.
The first centre will be located within the DUO towers located on Broadway, the second centre will be located within Wonderland an O’Connor and Wellington Streets, and is scheduled to open in late 2018. 
Both will have the capacity for 90 children.
Frasers Property will oversee the design and fit out the two childcare centres with SJB Architecture. Development Applications are to be lodged for the two centres later this year.
Mick Caddy, Central Park’s project director said the addition of two major childcare centres will see the delivery of a significant masterplan commitment for the precinct, providing significant amenity for residents, commercial tenants and locals alike.
“Frasers Property and Sekisui House are delighted to be delivering two new Greenwood Early Education Centres at Central Park which will be a welcomed new amenity to residents as well the wider inner-city community.
“Providing 180 childcare spaces across two centres, Central Park will be host to one of the city’s most significant childcare hubs within the Sydney CBD.
“Families living in and around Central Park or parents working in Chippendale will have the convenience of being able to place their children in childcare within the locality in which they live – meeting the demands of busy, professional parents.”
Sam Benjamin, managing director of Greenwood Early Education Centres said Greenwood recognises the importance of language development and physical activity for young children.
"As such, their centres incorporate extra-curricular activities including yoga, gardening, music, sport, art, well-being and pre-kinder programs featuring numeracy and literary concepts."
For more information click <a href="https://www.centralparksydney.com" target="_blank">here</a>.
 
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Greenwood Childcare to open two new centres at Central Park

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Construction has begun on DUO, the joint venture of Frasers Property Australia and Sekisui House Australia.
The joint venture has appointed construction company, Brookfield Multiplex, to deliver DUO under a $290 million construction contract.
DUO is scheduled for completion in early 2018.
More than half of the 5.8 hectare Central Park precinct has already been delivered.
The start of construction of DUO’s two towers on Broadway kicks off the fifth stage in the construction program of this $2 billion master-planned community in Chippendale.
The pair of buildings will be located on the corner of Broadway and Abercrombie Streets at the award-winning Central Park development in Chippendale.
Designed by one the world’s most awarded architecture practices, Foster + Partners, DUO will be Foster + Partners’ second residential building in Australia.
For more information, <a href="https://www.centralparksydney.com/live/duo" target="_blank">click here</a>.
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Duo construction begins at Central Park, Chippendale

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Frasers Property Australia has been given the green light by the NSW Department of Planning &amp; Environment to develop the final residential stage of Central Park.
The project includes a 292 apartment mid-rise building in the $2 billion Central Park precinct in Sydney's Chippendale.
Frasers Property Australia is developing block 11, a long sinuous building, stretching along the length of Wellington Street.
A design competition was organised for the building under the 2009 concept plan approval for Central Park and Francis-Jones Morehen-Thorp (fjmt) was selected in October 2013, chosen by a panel that included Lucy Turnbull, then a member of the Sydney Metropolitan Development Authority and Chris Johnson, chief executive of Urban Taskforce.
The final piece in Central Park’s residential offering, Block 11 will complete the delivery of over 2,200 apartments across the 5.8 hectare Central Park precinct which has won several awards for urban planning and revitalisation.
The development incorporates a building, ranging from 8 - 13 storeys in height, which curves in the centre to make space for two new public gardens. It will include a mix of one-bedroom suites, two and three-bedroom apartments and a range of two-bedroom dual-key apartments (planned to be launched in late 2016). The design will also incorporate a small amount of mixed-use ground floor retail as well as a childcare centre with capacity for 90 children.
Central Park project director Mick Caddey said the project delivery team is pleased to receive DA approval for this final residential stage of Central Park.
“At its completion, scheduled for 2018, Central Park will have involved a complex nine-year program of design, planning and construction and we are now approaching the last stages of this multi-staged precinct,” Caddey said.
Richard Francis-Jones, design director of fjmt said the practice’s design for this final residential stage of Central Park introduces a curvilinear and fluid architecture.
“The most critical element of the design is the unique façade, which is designed to integrate the outdoor spaces, such as the loggias and balconies, while providing shading and privacy where required,” Francis-Jones said.
“The building is divided into three individual parts, each with its own unique foyer. The western foyer is located directly opposite Chippendale Green. The central foyer is directly opposite Park Lane and the eastern foyer opens onto the northern landscaped area and retail terrace."
Some of fjmt’s recent projects include the harbour-front apartments at Barangaroo South, the Auckland Art Gallery which won the 2013 World Building of the Year award, the University of Sydney Law School, the Surry Hills Library and Community Centre, and The Mint historic restoration.
Sales and marketing of Block 11 are expected to start in mid 2016.
Frasers Property have a free eBook to download titled Australia aspires to global green leadership: The Living Building Challenge <a href="http://propertyobserver.com.au/forward-planning/tools/ebooks-and-webinars/52152-australia-aspires-to-global-green-leadership-the-living-building-challenge" target="_blank">which you can get here</a>.
 
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