This article is from the Australian Property Journal archive
MIRVAC REIT has sold the Chester Square shopping centre in Chester Hill, New South Wales for $29.5 million following a strongly contested expressions of interest campaign conducted by Jones Lang LaSalle.
JLL’s Simon Rooney and Luke Harris sold the property to an undisclosed investor.
The price reflects a fully leased initial yield of 8.22%, a passing initial yield of 8.10% and a sale rate of $3,555 per sqm.
Rooney said Chester Square is a single level 8,299 sqm neighbourhood shopping centre, anchored by a Woolworths supermarket and Woolworths Liquor, Go Lo and a mini major as well as 28 specialty shops.
The centre is in the established western Sydney suburb of Chester Hill, approximately 20km from the Sydney CBD.
According to JLL, the centre services and extensive main trade area of approximately 60,560 persons, which is expected to increase at an average rate of 0.79% per annum or 481 persons per annum to 66,335 persons by 2021.
Australian Property Journal
