The Sydney ShopSmart Outlet Centre has been listed for sale amid ongoing interest in select retail investment opportunities.
CBRE’s Nick Willis and Justin Dowers have been appointed to sell the Mount Druitt shopping centre, which is positioned between the Westfield Shopping Centre, Mt Druitt Hospital and the train station.
The 9,990sqm shopping centre is located on at 28,880sqm, B4 zoned site and is anchored by international retailer TXMaxx, Spotlight and a medical centre.
“The current market commentary surrounding the retail sector is driving investors to refine their focus on defensive, future proof opportunities,” Mr Willis said.
“Whilst there is a significant weight of capital in the market looking to acquire retail, it is far more selective - acquiring centres with a focus on services, food and beverage and/or development potential.”
“ShopSmart Outlet Centre provides an opportunity to acquire a value-add centre not only underpinned by a diverse retail mix including medical and food & beverage, but also featuring a significant land holding lending itself to future development potential.”
The adjacent site at 1 Zoe Place, owned by Chinese backed Ausunion First Group, has recently received a Development Approval for 268 apartments and is a benchmark for the changing Mt Druitt landscape.
Mt Druitt, positioned 43km west of the Sydney CBD and 20km west of the Parramatta CBD, is set to benefit from a wave of State Government backed infrastructure development including: the $700million Mt Druitt Hospital upgrade (adjoining ShopSmart) and the $7 billion rail link connecting Badgerys Creek Airport to western Sydney.
Mr Willis commented that with the increasing government investment and development in Sydney’s west, investors were looking to secure a foothold in the market.
The shopping centre is being formally offered by CBRE via an Expressions of Interest campaign.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.