Greenland Australia lists Woolworths Metro Potts Point
Property developer Greenland Australia has put an inner city shopping centre anchored by Woolworths on the market.
The shopping centre in Potts Point is located on the ground floor of the OMNIA apartment complex, which was built by the developer.
A Woolworths Metro and two speciality stores occupy the 1313sqm parcel at 113 Darlinghurst Rd.
A price guide has not been made public by selling agents Alex James-Elliott and James Wilson of Colliers. Comparable sales quoted in the information memorandum are between $7000 and $9364 per sqm.
Mr James-Elliott said he expected strong interest in the listing from private investors and other buyers after a blue chip asset.
The launch of the campaign has been received incredibly well, with strong levels of inquiry from known and emerging investors,” he said.
“It is pretty rare to get an opportunity to acquire a shopping centre like this in the eastern suburbs anchored by a high profile company like Woolworths,” he said.
Woolworths occupy 75 per cent of the centre’s lettable area and are on a 15 year lease generating $732,000 per annum. The company also has 3×10 year options.
Mr James-Elliot said it was rare to have a Woolworths on a 15 year lease, with most usually on 10 year terms.
“fifteen year leases are no longer being offered to the market, coupled with rare annual rent increases makes this opportunity very unique,” he said.
Mr Wilson said Woolworths and Coles shopping centres were highly sought after at the moment due to their ability to generate a return in the pandemic.
Expressions of interest on 113 Darlinghurst Rd are due to close on September 2.