Asking price hits $70m for western Sydney’s Lennox Village
One of western Sydney’s thriving shopping centres is up for grabs — and it has buyers from near and afar licking their lips.
Lennox Village, at Emu Plains, is selling via an expressions of interest campaign. It is set to sell for a staggering $70 million.
A successful sale at that price would see it more than triple the highest figure paid for a property in the suburb, CoreLogic records reveal.
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At the corner of Great Western Highway and Pyramid St the property is being marketed by JLL Sydney’s Simon Rooney. He told the Penrith Press it was drawing eager buyers.
“There has been solid inquiry from various high net worth investors and a selection of institutional groups,” Rooney says.
The site has a gym and a couple of liquor stores.
“We did expect solid interest off the back of it having two very strong performing supermarkets, namely Woolworths and Aldi, … and it has a history of strong trading performance,” he says.
With a fully leased net income of $4.6 million, the low-rise retail hot spot has a 10,065sqm footprint and on the sprawling 3.45ha site. The busy complex has 421 parking spaces.
Along with its supermarkets, the complex has a Dan Murphy’s, Anytime Fitness, a medical centre and about 30 specialty stores.
The site has a gym and a couple of liquor stores.
These include a newsagency, post office, florist, nail salon, hair salon, travel agency, clothing stores, a real estate agency and a choice of cafes.
There are also a handful of takeaway eateries, including a pizza shop.
Lennox Village is jointly held by Vicinity Centres, which owns Nepean Village in Penrith, and Challenger, an investment management company.
According to a Vicinity Centres spokesman, the centre was built circa 1982 and was extended in 2011.
An aerial view of the centre, which services people from Emu Plains and nearby suburbs.
While CoreLogic records show there was a name transfer in 2015, the last noted sale took place in 2013, when it was offloaded for $23.75 million. Before that, it sold in 1991 for $9.1 million.
Rooney says of the numerous groups looking to snap up the prime site, there had been a healthy mix of local, interstate and even offshore buyers.
“These assets are popular, given their strong convenience nature with a quality food service,” he says.
This article from the Penrith Press originally appeared as “Western Sydney shopping centre hits market with $70m price tag”.
