This article is from the Australian Property Journal archive
INVESTMENT firm Mintus is hoping for around $15 million from the sale of neighbourhood shopping centre which is anchored by an IGA and childcare centre and services one of Sydney’s most established and fastest-growing regions.
Kingswood Park Village, situated in Penrith, is supported by a liquor store and eight specialty tenants, and has an at-grade carpark with 65 spaces on title, while an adjoining council car park offers a further 22 spaces.
The 6,507 sqm landholding offers low site coverage of 40% and benefits from strategic E1 local centre zoning, allowing for repositioning and development potential.
Kingswood Park Village features a weighted average lease expiry (WALE) of 7.5 years by income.
Colliers agents James Wilson, Ben Wilkinson and Frank Oliveri have the exclusive listing.
“Neighbourhood shopping centres with strong exposure to non-discretionary retail continue to see strong demand from investors, particular when situated in high-density growth corridors such as Penrith, which has a population density over five times greater than the Western Sydney average,” Wilson said.
Kingswood Park Village is just the third NSW neighbourhood shopping centre to be marketed year to date.
Gross specialty leases provide fixed rental reviews of 3% to 4% per annum and 79% of gross floor area is secured by non-discretionary retail.
With minimal retail competition in the established trade area, Kingswood Park Village is set across two titles, with the Centre benefiting from dual street frontages and a loading dock facility on the western side of the Centre.
Expressions of Interest close Wednesday, 29th November.
In May, Mintus acquired the 6,051 sqm Cranbourne West Shopping Centre, in south east Melbourne, from Woolworths for $41.8 million, on a 5.36% yield.
Late last year, it paid $85 million to a Dexus fund for sub-regional centre Beenleigh Marketplace.
Retail asset sales tumbled 51% in the September quarter relative to a year earlier, according to MSCI Real Assets, with total activity for the year to date down at a similar rate of change. Meanwhile, the latest numbers from The Data App show the number of transactions per month in the three months to September was 6.7, down from 7.3 a year earlier and below the 12-month average of 7.2.
