Image supplied.
  • Telstra Super sold their half-share of the asset to JY Group
  • Vicinity Centres owns the other half
  • Sale price reflects a passing yield of 6.3%

Hong Kong-based JY Group has expanded its shopping centre portfolio in Australia, having acquired a half interest in Carlingford Court for $120.5 million.

The purchase of the Sydney shopping centre has boosted the group’s Australian assets to almost $1.8 billion, and is the second time in less than a year Vicinity Group and JY have become co-owners of a centre.

The off-market transaction was negotiated by Simon Rooney of CBRE on behalf of Telstra Super. The sale price reflects a passing yield of 6.3% and fully leased yield of 6.5%.

“The result demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending,” said Mr Rooney.

“There is particularly strong interest in assets which offer mixed-use development potential and strategic value-add opportunities.”

Simon Rooney, CBRE

carlingford internal
Image supplied.

Carlingford Court does have the potential for a mixed-use apartment development, subject to approvals. It benefits from being near the Carlingford railway station.

18 kilometres northwest of the Sydney CBD, it is a four-level, 33,928 square metre centre and is anchored by Coles, Woolworths and Target. Mini majors such as Bing Lee, Fitness First and The Reject Shop are also tenants. There are over 65 speciality stores in the centre too.

The centre’s site is 35,510 sqm, with the adjoining vacant land totalling 1,762 sqm.

Currently, it draws in 5.3 million visitors annually, with a moving annual turnover of $188 million, including its strong supermarket offering.

JY Group acquired Wollongong Central Shopping Centre and Roselands Shopping Centre last year, as part of its growth strategy.

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