The Entrada Shopping Centre in the heart of Parramatta is being offered to the market – unlocking an opportunity to acquire a footprint in Sydney’s second largest CBD.
Located in a high profile corner position fronting Victoria Road, the Entrada Shopping Centre is anchored by a strong performing Coles Supermarket (3,529sqm) and supported by a number of other retailers, medical centre and child care provider.
The centre, which comprises 5,570sqm of net lettable area and 196 car parks, is underpinned by a 20-year lease to Coles and total WALE of 10-years.
CBRE’s Justin Dowers and Nick Willis have been appointed to market the property via an Expressions of Interest campaign on behalf of a private Sydney based syndicator. The centre is expected to generate interest circa $35 million.
Mr Dowers said the centre’s strong tenancy profile, coupled with its sought after location, would attract buyer interest from both interstate and international groups.
“We are continuing to see strong demand from investors pursing income producing assets such as neighbourhood shopping centres – given their typically defensive non-discretionary nature and secure long term lease profile underpinned by the supermarkets,” Mr Dowers said.
Mr Willis said the property’s position in Greater Western Sydney’s growth corridor would be a major selling drawcard.
“It is rare to see inner Sydney metropolitan neighbourhood shopping centres be offered to the market – especially in key growth corridors such as this,” Mr Willis explained.
“The offering presents investors a unique opportunity to acquire a high profile presence in Sydney’s second largest CBD, which continues to be underpinned by strong growth fundamentals.”
Mr Willis went on to say the centre was positioned to benefit from significant investment mooted for the Parramatta area, which includes more than $10 billion in government expenditure alone.
“Projects such as the Parramatta Light Rail, Parramatta Square, the Western Sydney Stadium and Westconnex – in addition to huge residential supply pipeline – will drive further growth in the area and cement Parramatta’s position as one of Australia’s major CBD markets,” Mr Willis added.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.
