This article is from the Australian Property Journal archive
A LOCAL investor has bought the Wentworthville Mall in Sydney from Metroland for $18.3 million.
The suburban shopping centre in the heart of Wentworthville, west of Parramatta 28km west of the Sydney CBD was purchased by Metroland in May 2004 for $17.8 million.
Since then the company had lodged a development application to extend the shopping centre as well as develop a 90-unit apartment tower with a total project cost of $55 million.
And in June this year the company obtained approval for only 67 apartments and a 500 sqm extension.
As a result, Metroland placed the property on the market.
Located at 42-44 Dunmore Street, the property has a land area of 8,951 sqm which comprises a 7,450 sqm shopping centre anchored by Franklins Supermarket as well as 200 car park spaces.
It is currently returning net income of $1.73 million per annum.
Metroland said proceeds of the sale will be used to reduce the overall gearing of the group, and to divert resources to residential development.
Australian Property Journal
