Sydney shopping centres sold in pandemic-defying deal
Two Sydney shopping centres have been sold off in a pandemic double deal worth more than $91 million.
The metropolitan centres Pemulwuy Marketplace and West Ryde Marketplace were bundled together in the midst of COVID-19 earlier this year by the Charter Hall Retail Partnership No.1 Trust, in a deal worth $91.5 million.
The final price was in line with pre-pandemic valuations, highlighting the appetite for high-value retail assets among investors has not diminished, says JLL’s Sam Hatcher.
“Both centre’s represented an opportunity to acquire key local land holdings within metropolitan Sydney, underpinned by a secure and resilient income stream which performed exceptionally well throughout the recent COVID-19 lockdown period”, Hatcher says.
“Neighbourhood centres have been the most robust performers through this COVID-19 period, which has supported investor demand and liquidity in this part of the retail market.
Pemulway Marketplace has been sold.
“In fact, neighbourhood centres have accounted for, by far, the largest share of retail activity in 2020 to-date”.
West Ryde Marketplace and Pemulwuy Marketplace are situated 16km and 30km from the Sydney CBD.
Both have flexible mixed-use zoning and offer potential for long-term development.
Pemulwuy Marketplace is a 5215sqm space anchored by a Woolworths Supermarket and supported by 15 specialty stores and two kiosks.
West Ryde Marketplace also has a Woolworths supermarket in addition to 22 stores and two kiosks, with a total lettable area of 6398sqm.
