Family owned Green Valley shopping centre sold for $17 million
Written on the 10 April 2019 by Business News Australia
The Green Valley Shopping Centre has sold for $17.3 million after being owned by the same family for half a century.
Located on Green Valley Road, the 2,820sqm retail centre featuring 20 shops was sold to Sydney eastern suburbs family for a sharp yield of close to 6 per cent.
Peter Vines from CBRE who managed the competitive expressions of interest campaign says the property attracted a lot of attention.
"The sale of Green Valley Shopping Village highlights the continued level of demand in the wester corridor market for prime, income producing investment stock with development upside," says Vines.
Interestingly the centre is not anchored by any major supermarket or national brand, which Vines says is testament to the strength of the centre and its location.
The sale of Green Valley Shopping Centre follows similar transactions in the area recently including Canebrook Shopping Village for $48.1 million and Shopsmart Mount Druitt for $25 million.
CBRE's Nick Willis says that despite the doom and gloom commentary surrounding Australian retail the strong transactions of local shopping centres actually demonstrates the continued strength of the sector.
"Despite the continued negative commentary surrounding the retail sector, we are currently experiencing strong investor demand for opportunities that are underpinned by strong fundamentals as investors are seeing relative value compared to other sectors," says Willis.
Business News Australia
Author: Business News Australia