Investment Industry News

High-profile Sydney retail centre listed for sale

Central Park DUO Retail is for sale through an expressions of interest campaign closing on Thursday, 5 May 2022

Central Park DUO has come to market and presents as an immaculate retail centre consisting of eight external facing shops with rare Broadway frontage totalling 1,090m2.

The asset is located at the epicentre of one of Sydney’s most vibrant and connected precincts, approximately 1km from the Sydney CBD and only 600 metres from Central Station.

Adjacent to Central Park Mall with approximately 50m frontage to Broadway, Central Park DUO is leased to high profile international retailers Starbucks and Kathmandu, who are supported by food and beverage operators and essential service retailers.

The asset is set to benefit from the evolution of the nearby Tech Central Precinct, which is undergoing significant rejuvenation and gentrification, with high profile developments anchored by Atlassian and Afterpay.

Central Park DUO is leased to high profile international retailers Starbucks and Kathmandu

The centre is exclusively listed with James Wilson and Harry Bui of Colliers, with price expectations north of $25 million.

“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.” Wilson said.

“Investors are targeting this precinct due to the development of ‘Tech Central’, set to bring 250,000m2 of new office space and 25,000 new innovation jobs lead by the Atlassian and Afterpay headquarters.”

The asset has a unique trade area with a diverse population base of residents, students and workers. The site benefits from the surrounding retail at Central Park Mall, Spice Alley and multiple tertiary education institutions including University of Technology Sydney and University of Sydney.

The asset has a unique trade area with a diverse population base of residents, students and workers

“Central Park Sydney is an award-winning project and is widely regarded as one of Australia’s most famous mixed-use developments. An opportunity to purchase eight quality retail shops in one line within the Central Park Precinct is about as rare it gets,” Bui said.

“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.”

Central Park DUO Retail is for sale through an expressions of interest campaign closing on Thursday, 5 May 2022.

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