This article is from the Australian Property Journal archive
THE Henry Lawson Centre in Western Sydney has sold for $24 million on a tight 4.6% yield, after the property’s repositioning potential brought in a broad mix of interested investors.
The centre, which occupies a 8,841sqm site at 61-79 Henry Street in Penrith, comprises 12 tenants across a mix of homewares, office, medical and allied health tenants in addition to 170 on-grade car parking spaces.
James Douglas, Alex Mirzaian and Ben Wicks from CBRE managed the sale to a Sydney-based private investment group on behalf of disability support provider Afford, as part of the group’s ongoing capital recycling strategy.
“Investors were attracted by the existing centre’s strong investment fundamentals, with the asset providing a secure underlying cashflow at below market rents,” said Douglas, senior national director at CBRE.
The site has potential to be further developed into build-to-sell, build-to-rent, student accommodation, co-living, retail, hotel, healthcare and medical or commercial uses subject to planning approvals.
Douglas also noted the site was set to benefit from the major growth occurring in the Greater Western Sydney area.
With Penrith positioned at the entrance to the Western Sydney International Airport, which is set to further drive the suburb’s position as a residential and employment hub.
This is also supported by major NSW Government-led developments such as the Outer Sydney Orbital, Nepean Hospital Upgrades and North-South Rail Line.
The sale comes after the asset was previously listed by Colliers agents in April 2023, with expectations in the high $30 million range and boasting potential to be transformed into a $417 million development.
