This article is from the Australian Property Journal archive
CONSTRUCTION group Ganellen has sold its north western Sydney neighbourhood centre to a Singaporean investor for $42 million, as convenience retail sustains strength after thriving during the pandemic.
Ropes Crossing Village was sold to Singapore’s Metro Holdings Limited after an off-market expressions of interest campaign. The $42 million unconditional exchange was finalised within three weeks and represented a 5.5% yield.
The sale price reflects $7,235 per sqm GLAR. Stonebridge Property Group’s Carl Molony and Philip Gartland handled the sale.
The vendor was Ganellen, an Australia and Zealand construction company led by TV personality Peter Maneas.
This is the second neighbourhood centre sale in the new year, after the $25 million sale of Woolworths Torquay for a record sub yield of 4%. Mixed-use centres and supermarkets are continuing to draw in purchasers, after proving themselves pandemic proof low risk resilient investments.
“The strength of the Stonebridge relationships, database and collaborative approach to the sales process ensured that a wide range of domestic and offshore, private and institutional buyer offers were received for the property,” said Molony.
The mixed-use 12,340sqm site is home to a Coles supermarket, a childcare centre and 12 specialties, with a WALE of 11.7 years.
Sat 28kms north west of Parramatta CBD and 49kms from the Sydney CBD, the site contains 5,805sqm of NLA and boasts more than 200 carparks.
According to Molony this sale is an “example of competitive processes driving strong pricing and short due diligence periods”.
“This was during a period of border closures that required practical solutions from our team and culminated in an exceptional result for our client,” concluded Molony.
