Colliers are facilitating the sale of Norton Central, a 1,420m2 two-level, retail complex in Leichhardt, Sydney.
Built in 2004, Norton Central is located on Norton Street, the key retail and dining precinct in the suburb and is 100% fully leased with national and chain tenants securing 87% of the Centre’s income.
“There is a lack of premium Sydney Metropolitan assets currently on the market; for this reason, we anticipate interest from high net worth individuals, syndicates and developers,” said Harry Bui, National Director, Investment Services at Colliers.
Alex James-Elliot, Associate Director, Retail Investment Services at Colliers said “It is extremely rare for an investment opportunity of this quality and scale, located only 6.5 kilometers from the Sydney CBD to be offered to the market.”
“The current low interest rate environment is enabling high quality returns available for investors on quality assets, such as Norton Central, particularly when serviced by affluent trade areas, and are subsequently more attractive in the current market. There are also tax depreciation benefits available for the incoming purchaser – further improving the returns of offer.”
“The potential to take advantage of the planned the Parramatta Road Urban Transformation Strategy, with Norton Street a key precinct, provides a myriad of future uses (subject to council approval) should investors wish to reposition or redevelop the property in the long term.”
The campaign for Norton Central closes March 18 2021.