Shopping centre for $15m in suburb set to boom
A fully leased shopping centre in Sydney’s west with a supermarket, child care centre and liquor store is up for sale with price expectations of $15m.
Kingswood Park Village in Penrith is one of only three neighbourhood shopping centres to come to market this year.
The centre is fully leased with an IGA supermarket and a 43 place childcare centre.
Kingswood Park Village in Penrith is set to sell with price expectations of $15m.
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Additionally, the centre is supported by a liquor store and eight specialist tenants.
The centre includes a car park with space for 65 cars as well as an adjoining council car park with an additional 22 spaces.
The centre is open via an expression of interest campaign with Colliers who have said it is “an incredible opportunity for investors.”
James Wilson, head of retail middle markets at Colliers said neighbourhood shopping centres that provide essential retail are showing strong demand among investors.
Western Sydney’s population is set to surge with new road infrastructure and Western Sydneys international due to be built
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“Particularly when situated in high density growth corridors such as Penrith, which has a population density over 5 times greater than the Western Sydney average,” he said.
Kingswood Park Village has a weighted average lease expiry of 7.5 years.
Located only 54 kilometres from Sydney’s CBD, the centre has dual street access and minimal retail competition in the area.
The centre currently only takes up 40 per cent of the site, with zoning supporting potential to expand and develop on the site.
Frank Oliveri, director in charge of Colliers Sydney West said Western Sydney’s population is set to be one of the largest growing urban populations in Australia.
“$3.6 billion in Government funded investment into road infrastructure for Western Sydney,
alongside the slated opening of Western Sydney International Airport in 2026, is set to see Western Sydney’s population reach 3 million people by 2036,” he said.
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