Sydney’s Edgecliff Centre presents rare opportunity
Popular Sydney mixed-use shopping and office hub the Edgecliff Centre is on the market for the first time in 20 years.
Having been by the same owner for decades and with demand for retail centres at historic highs, the neighbour shopping centre and six-storey office building is being touted as a “generational opportunity”.
The centre, spread over 10,845m of lettable space, lies in one of Sydney’s most affluent areas, 4km east of the CBD and near Darlinghurst and Double Bay.
It is being marketed by JLL’s Simon Rooney and James Aroney and Knight Frank’s Dominic Ong, John Bowie Wilson and James Parry.
With limited to no additional supply within the outer eastern fringe precinct, there is potential for significant income reversion
Rooney says inner-city shopping centres were rarely presented to market.
“We are seeing a real investor leaning towards these well-established, resilient and secure mixed-use investments in absolute core locations, which are obviously very hard to replicate,” Rooney says.
“The Edgecliff Centre is one of the most prominent and successful mixed-use developments in Sydney’s prestigious eastern suburbs. This gateway location provides unmatched exposure to the bustling New South Head Rd, with in excess of 70,000 cars passing daily, with a direct link to Edgecliff Railway Station and Bus Interchange, estimated to cater to around 14,400 daily passenger movements.”
Aroney says the centre’s office component was one of the few opportunities for contiguous office space in Sydney’s fringe market, where vacancy rates have dropped to a national low 4.3%.
The Edgecliff Centre’s retail component is anchored by an Aldi supermarket, with another 24 specialist shops.
The building’s tenant profile is also like to prove attractive, with some tenants having occupied space within the centre for more than 20 years.
Ong says the property’s location and neighbouring transport links will boost its appeal.
“Edgecliff Centre encompasses the only office building in the Sydney fringe market adjoining dynamic transport terminals, and with limited to no additional supply within the outer eastern fringe precinct, there is potential for significant income reversion.”