Sydney's Central Park divests retail assets for $175 million
Written on the 10 October 2019 by Business News Australia
The final three retail assets in the $2 billion Sydney CBD Central Park development have been sold for $174.5 million.
A consortium comprising Fortius Funds Management and SC Capital Partners Group acquired the three assets: Central Park Mall, DUO Retail and Park Lane Retail.
Central Park Mall, the largest of the three retail assets, opened in late 2013 and is anchored by a Woolworths supermarket and a Palace Cinema complex.
Known for its vibrant vertical gardens, the Central Park development has transformed a former brewery site into a mixed-use precinct with retail, commercial, hotel, education, student accommodation and residential uses all integrated into the one space.
Central Park was developed by a joint venture of Frasers Property Australia and Sekisui House Australia.
Frasers Property Australia development director Mick Caddey says the $174.5 million sale is a testament to the strengths of the development.
"This is a great outcome for Frasers Property, Sekisui House and the Central Park development," says Caddey.
"Central Park is a true destination for people with a diverse mix of interesting shops, convenience options and experiential retailers, in a comfortable green setting beneath one of the world's most iconic buildings."
Fortius Funds Management CEO Sam Sproats says the company is excited to buy into the exciting Central Park development.
"Central Park Retail is at the centrepiece of one of Sydney's most iconic mixed-use urban regeneration projects of recent times," says Sproats.
"Strategically located in a trade area undergoing rapid gentrification and redevelopment, it supports a diverse and growing demographic with retail expenditure projected to increase by 4.2 per cent per annum."
Business News Australia
Author: Business News Australia