This article is from the Australian Property Journal archive
A PRIVATE investor has acquired a brand new large format retail anchored by Freedom Furniture in Penrith for $14.35 million, on a passing initial yield of 6.47%.
Located at 80 – 82 Mulgoa Rd Penrith, the building comprises approximately 2,750 sqm of GLAR and is anchored by a 2,509 sqm Freedom Furniture, along with Guzman Y Gomez (191sqm) – both of which are on a 10-year lease term. The centre also includes 95 car parking bays on a 7,788 sqm site.
Colliers International’s James Wilson, Harry Bui and Paul McGlynn handled the sale on behalf of Hydrox Nominees.
The agents said Mulgoa Rd is regarded as one of Sydney’s most sought after large format retail precincts and will be further enhanced by the introduction of the brand new Freedom Furniture showroom and neighbouring Masters Home Improvement store.
‘This sale reflects the highly competitive nature of Sydney metropolitan retail investments, particularly in the private investor sector (dominated sub $30 million price point) where there is strong market depth for high profile investments featuring secure long term leases to national covenants.
“The high level of enquiry for Western Sydney retail investments is a reflection of the evolving perception of growth for the region, with investors seeking to capitalise off the back of the assumed growth from government investment into infrastructure including the highly publicised Badgerys Creek airport,” Wilson said.
Australian Property Journal
