Western Sydney’s ShopSmart changes hands for $25m

A major shopping precinct in western Sydney has changed hands for almost $25 million. 

The 9990sqm ShopSmart Outlet Centre at 10 Zoe Pl, Mt Druitt, recently hit the market via a five-week expressions of interest campaign. It sold for $10 million more than it last traded for.

CBRE’s associate director of NSW retail investments Nick Willis says the successful commercial site generated strong buyer interest.

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He revealed competitive conditions resulted in a staggering 17 price offers.

“Sydney metropolitan retail investments that are land rich and have future development potential, like ShopSmart, are seldom offered to the market,” Willis says.

He says the site piqued the interest of a mix of local, national and offshore private investors, as well as real estate investment trusts.

The centre has Spotlight, Rivers and TK Max stores.

Set on a 2.8ha parcel of land with nearly 400 at-grade car spaces, the shopping centre comes with popular TK Max, Rivers and Spotlight shops.

The fully leased complex, which has an annual net income of $1.716 million, also includes a medical centre, cafe and a number of other specialty stores.

In 2005, it was bought off Stockland for $14.5 million by South Australia’s Nick DiMauro, a multi-millionaire who owns more than 20 centres across the country. He is said to be worth more than $600 million.

While Willis was tight-lipped about the new owner, the site is believed to have sold to Spotlight.

Close to Westfield Mt Druitt, Mt Druitt Hospital and Rooty Hill RSL Club, the site is zoned for mixed-use.

Spotlight has been approached for comment.

This article from the Blacktown Advocate originally appeared as “ShopSmart Outlet Centre sells for $25 million”.