JLL together with IB Property have been appointed to sell Casba, 18 Danks Street, Waterloo, a multiple award-winning mixed-use development which is fully leased to premium brands with 217 years of history and trading experience.
Casba is a homewares investment opportunity that uniquely combines a strong defensive cash flow with potential strata and/or repositioning upside for astute investors. Adjacent to Winning Appliances flagship store, it is underpinned by existing tenants with a combined 217 years of trading history.
JLL’s Senior Director, Capital Markets (NSW) James Aroney and Director, Mitch Noonan in conjunction with IB Property’s Steffan Ippolito have been appointed to sell Casba on behalf of Cornerstone, an innovative award winning development company who have developed iconic projects in the city fringe such as No. 1 Lacey, Griffiths Teas, Cleveland & Co, Surry Hills House and Holt & Hart.
The ground level retail fronts both Danks Street and Phillip Street, reinforced by a meaningful pedestrian through site link focused around a central courtyard. The courtyard is planted with towering palm trees and a reflection pond, providing an oasis of calm for retailers and the public alike.
Aroney said, “Waterloo is one of the most densely populated areas in Australia, underpinned by an unprecedented population growth of 2.1% per annum – 60% higher than the Australian average. It is a growing residential and commercial precinct.”
Casba is home to renowned homeware retailers Rogerseller, Spence & Lyda, Robert Plumb & Di Lorenzo Tiles and F&B operator Kepos & Co by renowned Chef Michael Rantissi and courtyard café by Underground Social. The asset generates a fully leased net income of approximately $958,000 per annum.
“With a strong growing population coupled with attractive lease structures with a 4.3 Year WALE and annual growth of 3.75%, Casba provides a resilient yet growing investment for years to come. Anchored by some of Australia’s oldest and most recognised retail homeware brands, the investment is further underpinned by the strength of its location and its award winning design,” Aroney said.
Ippolito said, “The asset is strategically located in the heart of Danks Street, one of Sydney’s most sought after lifestyle and homewares precincts, surrounded by major national and international retail brands. Casba is in a thriving inner-city location, just 4 kms from the Sydney CBD and 1.4 kilometres from the Green Square Town Centre – one of NSW’s largest urban renewal projects.”
Casba comprises nine individual strata lots totaling approximately 1,601m2 of internal space. Casba has 52 car spaces across the nine lots and substantial retail facilities such as a loading dock, two goods lifts and storage facilities.
Danks Street has had a reincarnation in recent years and is now one of Sydney’s most sought-after lifestyle and homewares precincts. 14 of the retail neighbours have a combined 625 years of history and trading experience.
Waterloo forms part of the City of Sydney and is one of the largest and fastest growing local Government areas in Australia. Historically characterised as an industrial region, Waterloo has experienced a signiﬁcant uplift of residential living in recent times due to a strong push for urban gentriﬁcation, including signiﬁcant projects such as Green Square (1.4 kms) and Central to Everleigh (1 km) and Waterloo Twin Towers (1.2 kms).