Sydney shopping centre smashes suburb record by 200%
A bustling retail precinct in Sydney’s west has been snapped up for a record-breaking sum.
Cranebrook Village, near Penrith, hit the market with expectations of $45 million and sold to a local investor for a whopping $48.1 million.
The figure more than doubles the highest price ever paid for a property in the suburb, according to CoreLogic data.
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Savills Australia’s national director of retail investments Steven Lerche says competitive offers from a number of buyers led to “a great result”.
“It ticked a lot of boxes for investors being a brand new, good-looking centre, particularly due to it having a major supermarket as well as an Aldi,” Lerche says.
“A dual supermarket is always attractive to a private investor market — and this one has really good growth prospects,” he says.
The agent confirmed the sprawling 6633sqm site along Borrowdale Way sold to a local buyer, who also owns the Coles in Cambridge Gardens. Records reveal that shopping complex was bought for $3.52 million in 2001.
Cranebrook Village Shopping Centre first opened its doors two years ago, following a $14.3 million construction.
With a yield of about 5.5%, its stores have an average lease term of 14 years. They include a Woolworths, Aldi and 13 speciality stores, ranging from Australia Post and Terry White Chemmart to a bakery and cafe.
Near the local skate park, Cranebrook High School and Samuel Terry Public School, the modern centre draws shoppers from nearby suburbs.
“It is in a major corridor and is benefiting from the growth which has come out of the Jordan Springs estate – residents really like shopping there because it has the two supermarkets,” Lerche says.
The commercial site had been marketed in conjunction with CBRE.
This article from the Penrith Press originally appeared as “Cranebrook Village shopping centre sells for record-breaking price”.