This article is from the Australian Property Journal archive
A RETAIL strip of eight shops at the south end of Sydney’s CBD anchored by Starbucks and Kathmandu has hit the market with expectations of over $25 million.
Adjacent to Central Park Mall, Central Park DUO totals 1,090 sqm with a 50 metre frontage to Broadway, and also contains food and beverage operators and essential services retailers.
It is 600 metres from Central Station and is set to benefit from the evolution of the nearby Tech Central Precinct, which is undergoing significant rejuvenation and gentrification with high profile developments including Atlassian’s $1 billion, 40-storey future headquarters and Afterpay’s home at Brewery Yard. About 250,000 sqm of new office space will be created and 25,000 new jobs introduced to the area.
Frasers Property Australia and Dexus’ $2.5 billion Central Place Sydney development is also close.
James Wilson and Harry Bui of Colliers have the listing.
“Private investors, syndicators and funds are expected to show interest given the trophy nature of the asset and the benefits from returning students and office workers,” Wilson said.
The site is surrounded by the retail offerings at Central Park Mall and Spice Alley, and tertiary education institutions including University of Technology Sydney and University of Sydney.
“Central Park Sydney is an award-winning project and is widely regarded as one of Australia’s most famous mixed-use developments. An opportunity to purchase eight quality retail shops in one line within the Central Park Precinct is about as rare as it gets,” Bui said.
“The offering at hand provides astute investors the chance to own a trophy Sydney retail investment in a location that will underwrite the quality of each shop for many years to come.
Central Park DUO is being marketed with a 4.0-year weighted average lease expiry that allows incoming investors the opportunity to reposition the existing tenancy mix over the short and medium-term.
Expressions of interest close 5th May.
