Investors offered entire St Leonards retail precinct for sale

488 Pacific Highway, St Leonards NSW

The entire retail precinct within the St Leonards Square development is up for grabs, giving commercial buyers the opportunity to purchase the 2,383 sqm area.

Comprising 10 ground floor retail tenancies and including a supermarket and services, the St Leonards Square neighbourhood retail precinct has direct access to the Pacific Highway.

The site includes QE Foodstores and Salon Lane and is 4.5 kilometres drive from the Sydney CBD.

The entire St Leonards Square retail precinct is up for sale.

Situated at 488 Pacific Highway, the site also includes a secure underground car park from Nicholson St, which has retail visitor parking for 95 vehicles.

The precinct brings in approximately $1.5m via a fully leased net income, and is also 150 metres away from the soon-to-be-opened Crows Nest Metro station.

The site has been listed via Colliers’ James Wilson and Tom Appleby alongside IB Property’s Steffan Ippolito and developer Mirvac, with the Expression of Interest campaign to end on the 22nd March.

The 2,383 sqm site is situated close to the soon-to-be-opened Crows Nest metro station.

Mirvac’s head of residential development Stuart Penklis said the St Leonards Square development had contributed towards the overall rejuvenation of the suburb.

“Mirvac completed St Leonards Square in 2019, delivering luxury residential apartments across two striking towers with iconic views of the Sydney CBD and Sydney Harbour and exclusive residential amenities.”
MORE:
Double-digit growth suburbs defying the downturn
Sydney buyers capitalise on charity sales
Sunrise star’s $2m ‘storybook’ reno for sale

Customers enjoy some food at the Sekka restaurant.

“St Leonards Square is anchored by proven high quality convenience-based food and beverage tenants with multiple locations predominantly in the city fringe and Eastern suburbs in Sydney, who saw the suburb as a strategic location to expand.”

The St Leonards Square site was completed in 2019.

In addition to the site’s positioning on the western side of the Pacific Highway, the precinct is also accessible via major arterial roads and public transport.

With nearly 80 per cent of retailers securing the GLA and income of the commercial precinct, Mr Penklis said the asset has an attractive 5 and a half year WALE by income and annual rental review structures.

The QE Foods is secured on a 10-year lease with options to extend it to 2040.

“Key tenants such as QE Foods, Chambers Cellars & Salon Lane are well known brands which attract customers both from within and outside the catchment of St Leonards Square.

“Anchor food and beverage tenants such as Organica, Rusty Rabbit, Sekka Ramen & Mayflower all have established businesses and have made St Leonards Square the go-to dining precinct in the suburb.”