Chinese pay $85.2m for Sydney’s Neeta City

A bustling retail precinct in the heart of Sydney’s south west has sold for a staggering $85.3 million.

The sprawling shopping centre Neeta City hit the market late last year through Colliers Sydney and was offered via an expressions of interest campaign.

With CoreLogic figures confirming it secured one of the highest prices paid for a property in the area, the Smart St complex has been snapped up by Atlas Advisors and Elanor Investors Group on behalf of local Chinese investors.

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Executive chairman of Atlas Advisors Guy Hedley said the buyers had been eyeing the site, anchored by a Woolworths supermarket, as it was a “very big, non-discretionary centre which is beautifully set up for some repurposing”.

An aerial view of the sprawling complex in Smart St.

“Investments like these are very hard to come by, particularly in the Sydney market where prices for a lot of markets are very expensive,” Mr Hedley told the Fairfield Advance.

Set on a 2.22ha parcel of land, the multi-level centre has an estimated fully leased income of $7.1 million.

The thriving retail precinct comes with 86 retail tenancies, a car wash and six office suites.

A Big W store forms part of the complex, but there are plans in place to remove it, according to Hedley.

The retail precinct is anchored by a Woolworths supermarket.

“Big W had a lease above the shopping centre, where Woolworths was, but they will be leaving — and that will get turned into parking.

“The carpark is quite disjointed with no immediate access so you end up with an inefficient use of space … the plan is to refresh and repurpose it and shoppers will end up with a much better facility.”

About 300m from a train station, the shopping centre services Fairfield and residents in neighbouring suburbs.

This article from the Fairfield Advance originally appeared as “Neeta City sells to Chinese investors for multimillion-dollar price”.