Stonebridge Property Group and Knight Frank have been appointed to sell a high-quality Sydney metropolitan neighbourhood centre, Beecroft Place, located in the affluent suburb of Beecroft, 22km to the Northwest of the Sydney CBD.
The Woolworths anchored, convenience and service focused neighbourhood centre is supported by 27 specialty stores, including BWS and Priceline and two kiosks over a lettable area of 5,474m2.
The centre, which was constructed in 2017, built and developed by mixed-use developer Landream, forms part of a first-class mixed-use development including 130 premium apartments and a 190-space dedicated retail car park.
Secured by a 20-year lease to Woolworths until 2037 plus two 10-year options, the centre benefits from a long WALE of 10 years by area. The income growth of the centre is very strong, with Woolworths subject to rare fixed 5% rent reviews, the next of which being in September of this year.
Positioned in the primary retail and commercial precinct in Beecroft, the centre is located 100 metres from Beecroft station and is dominant within the trade area of Beecroft, which features household income levels 52%* greater than the national average (Location IQ).
Carl Molony said: “Gaining access to neighbourhood shopping centres in the tightly held Sydney metropolitan area is challenging with only 10 having sold on the open market in the last 12 months. Couple this with the quality and modernity of the development and rarity of the 20 year, fixed growth structure of the Woolworths lease, the offering of Beecroft Place is unique and will undoubtedly attract interest across the spectrum of purchaser groups, both domestic and offshore.”
Dominic Ong said: “Beecroft Place will be highly sought after by both local and offshore investors. Established neighbourhood shopping centres anchored by Woolworths with long WALE are extremely rare and the centre is almost brand new, being completed only five years ago.”