Sydney Home Hubs set to attract $400m
Two Home Hub large-format retail centres in Sydney have been brought to market and will be sold as a pair in one of the largest retail property offerings of 2017.
The Home Hub outlets at Castle Hill and Marsden Park are being offered for sale in one line and have been mooted as being worth $400 million.
LaSalle Funds Management Limited is selling the two properties on behalf of the Lasalle Australia Club Investment Trust, in a listing that agents are describing as “historic”.
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The sale price of the Home Hubs will come close to matching the entire New South Wales average of $441 million of large format retail properties sold per annum over the last 10 years.
The homemaker portfolio is being marketed by JLL’s Simon Rooney and Dan McVay and Sam McVay of McVay Real Estate.
Sam McVay says with new large-format retail developments few and far between, the Home Hub portfolio is a rare opportunity.
The large format retail centre Home Hub at Marsden Park.
“Supply of large format retail space was essentially cut off in 2008 and has remained very low since,” McVay says.
“Home Hub Castle Hill is the second largest homemaker centre in Sydney at 52,136sqm. It benefits significantly from its broad offering of leading retailers and very limited competition within the catchment.”
“Both assets are positioned in the North West growth corridor, which will benefit from the Sydney Metro Northwest and expansive residential development, which is expected to continue to drive growth in the catchment.”
The Australian reports Home Hub Castle Hill was bought for $178.5 million in 2012, while Marsden Park was bought in 2015 for $66 million and then redeveloped.
The Castle Hill outlet is anchored by The Good Guys, Nick Scali, JB HiFi, Harvey Norman, Officeworks, Toy ‘R’ Us, Babies ‘R’ Us, Domayne and Freedom, and has another 64 specialty stores, while Marsden Park has JB HiFi, Home and The Good Guys, and another 39 specialty tenants.
