Press Release

Carlingford Court Changes Hands in Rare Sydney Sub-Regional Deal

Sydney

September 28, 2022

Media Contact

Kathryn House

Communications Director, Pacific

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Hong Kong-based JY Group has expanded its Australian shopping centre portfolio with the $120.5 million acquisition of a 50% stake in Sydney’s Carlingford Court.

The purchase boosts the value of JY Group’s Australian assets to almost $1.8 billion and puts the group in partnership with Carlingford Court co-owner and manager Vicinity Group for the second time in less than 12 months.

CBRE’s Simon Rooney negotiated the off-market transaction on behalf of Telstra Super. The sale was struck on a passing yield of approximately 6.3% and a fully leased yield of 6.5%.

Simon Rooney, CBRE’s Head of Retail Capital Markets – Pacific, noted, “The result demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending. There is particularly strong interest in assets which offer mixed-use development potential and strategic value-add opportunities.”

In the case of Carlingford Court, the opportunity includes the potential for a mixed-use apartment development, subject to the relevant planning approvals, to capitalise on the centre’s prime north-western Sydney location and proximity to Carlingford railway station.

This development potential coupled with the centre’s landmark location in an affluent and well-established trade area were key drawcards for JY Group, which last year acquired Wollongong Central Shopping Centre and Roselands Shopping Centre in Sydney’s southwest.

Situated 18km north-west of the Sydney CBD, Carlingford Court is a four-level, 33,298sqm centre anchored by national retailers Coles, Woolworths and Target, together with mini majors including Bing Lee, Fitness First and The Reject Shop.

There are more than 65 specialty stores, with the retail offering supported by a wide selection of restaurants, cafes and takeaway food outlets.

The centre itself occupies a prominent 35,510sqm site alongside the adjoining vacant land totalling 1,762sqm.

It draws 5.3 million visitors each year and has an impressive moving annual turnover (MAT) of $188 million, including its strongly performing supermarket offering.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.