Penrith’s well-known retail hub asset listed for sale

Local vendors Astina Group Holdings and CBG Holdings have listed one of the most well-known retail assets in the Penrith region for sale.

The multi-tenanted hub at 78-88 Tench Avenue, Jamisontown, occupies a 33,391sqm site opposite the Nepean River and offers development potential.

The nine tenancies are headlined by The Coffee Club, Goji Modern Asian Cuisine, Lone Star, and Maldini’s By The River, with a WALE of 6.1 years and fixed annual rental increases. The passing rent is $1,688,390 pa with another $100,000 pa secured for a car wash to be developed at the rear of the site.

CBRE’s John Micallef and Alex Mirzaian have been appointed to market Tench Avenue, with Expressions of Interest closing on 15 November 2022.

“The long lease profile and the fact this building is multi-tenanted makes this a defensive asset, located in a growth region,” Mr Micallef said.

“The site also includes expansion land of 10,850sqm offering the ability to add value, subject to council planning approvals.”

The asset is set to benefit from the NSW Government’s $13m development of Tench Reserve, located across the road from the property, and is supported by Penrith City Council’s strong retail trade with a Gross Regional Product of $12.19 billion.