- Colliers have been appointed to manage the listing
- The offering includes 8 shops with a total of 1,090 sqm retail space
- The asset is centrally located in the suburb of Chippendale
With price expectations north of $25 million Sydney’s Central Park DUO retail centre is now on the market.
Central Park DUO boasts high profile international tenants, Starbucks and Kathmandu, and other food and beverage operators. The centre has eight external-facing shops, totalling 1,090 sqm.
The assist covers approximately 50m of high-profile frontage to Broadway.
The retail centre is located in the suburb of Chippendale, just over 1km outside of the CBD. It is adjacent to Central Park Mall and near Sydney’s Spice Alley, a hub of Asian restaurants.
The sale is to be exclusively handled by Colliers, with James Wilson and Harry Bui appointed to manage the listing.
Mr Wilson believes the area is an evolving tech and education precinct.
“Colliers anticipates the campaign to generate strong interest from private investors, syndicators and funds given the trophy nature of the asset and the benefits from returning students and office workers.” Mr Wilson said.
“Investors are targeting this precinct due to the development of ‘Tech Central’, set to bring 250,000 sqm of new office space and 25,000 new innovation jobs lead by the Atlassian and Afterpay headquarters.”
The site benefits from the surrounding retail and hospitality as well as multiple nearby tertiary education institutions including the University of Technology Sydney and the University of Sydney.
The array of surrounding industries attracts a diverse population base of residents, students and workers creating a unique trade.
Mr Bui highlights the value in the asset’s unique location.
“Central Park Sydney is an award-winning project and is widely regarded as one of Australia’s most famous mixed-use developments,” he said.
“An opportunity to purchase eight quality retail shops in one line within the Central Park Precinct is about as rare it gets.”
Harry Bui, National Director Colliers
“The offering at hand provides astute investors the chance to own a trophy Sydney retail investment in a location that will underwrite the quality of each shop for many years to come.”
“The strong 4.0-year WALE offers cash flow stability, allowing incoming investors the opportunity to reposition the existing tenancy mix over the short/medium term as the precinct evolves into Sydney’s major Tech Hub,” Mr Bui said.
An expression of interest campaign for the asset is now underway, it will close at 4 pm (AEST) on Thursday, 5 May 2022.