JY Group acquires 50 per cent stake in Carlingford Court
Hong Kong-based JY Group has purchased a 50 per cent interest in the Carlingford Court shopping centre in Sydney from Telstra for $120.5m.
CBRE’s Simon Rooney negotiated the off-market transaction on behalf of Telstra Super, which puts JY Group in partnership with Carlingford Court co-owner and manager Vicinity Group.
According to Mr Rooney, the opportunity includes the potential for a mixed-use apartment development and would capitalise on the site’s proximity to Carlingford railway station.
“The result demonstrates the continued demand for quality, metropolitan subregional assets with a focus on non-discretionary spending,” Mr Rooney said.
“There is particularly strong interest in assets which offer mixed-use development potential and strategic value-add opportunities.”
In 2021, JY Group acquired Wollongong Central Shopping Centre and Roselands Shopping Centre; both of which were in affluent and well-established trade areas.
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In addition to being in a prime northwest Sydney location 18kms from Sydney’s CBD, Carlingford Court appealed to JY Group with its four level 33,298 sqm centre which featured retailers such as Coles, Woolworths, Target, Bing Lee, Fitness First and The Reject Shop.
It draws in 5.3 million visitors each year and has an annual turnover of $188m, including its supermarket offering.
It also has multi level car parks with 1,472 spaces.
From 2022 and onwards the Parramatta to Carlingford Light Rail will serve Carlingford Court on the former railway station.
The combination of economic uncertainty and rising interest rates has resulted in buyers becoming increasingly wary about placing money on retail assets.