Greenway Plaza and Supacentre, a unique retail asset located in Western Sydney’s Wetherill Park, has sold to Altis Property Partners for $84 million.
Located in the largest industrial estate in the Southern Hemisphere, the centre underwent a major expansion in 2010, transforming the existing Greenway Plaza into a retail/large format retail facility, incorporating 22,355sqm of large format space alongside the 6,617sqm of convenience retail.
The asset was sold by Harry Bui and Lachlan MacGillivray of Colliers International.
“Greenway Plaza and Supacenta is located in the desirable high growth corridor of Western Sydney,” said Mr Bui. “The vendors, a syndicate of private investors, invested heavily in the asset over recent years to create a unique offering, incorporating both large format retail and convenience retail, with a captive and growing audience. “
Located on 6.385 hectares, the asset features a strong tenancy mix anchored by major national retailers including Spotlight, Officeworks, the Good Guys, BCF, Super Cheap Auto, Petbarn and Red Rooster along with other tenants such Westpac. In total there are 28 retail specialty stores, five kiosks, and six offices. Parking for 691 cars is also located onsite.
“The location combined with the large format component, made this asset highly desireable to investors,” said Mr MacGillivray. “The improving retail spending environment is having an ongoing positive effect on retail vacancy rates, for both traditional retail and large format retail, which in turn is driving investors’ interest in this asset class.”
With national vacancy in the large format retail sector dropping to record lows of 1.6% in Sydney in the first half of 2015, demand from investors for this growing asset class which provides strong returns, continues to increase.
“Investors continue to have a strong appetite for well-located retail assets,” said Mr MacGillivray. “We have experienced unprecedented demand for the retail assets we have sold, both on and off market, and given the current economic environment we expect this demand will continue to grow.”