The story of retail and logistics, and how both sectors are faring in the local market, is perhaps best explained when looking to a handful of recent transactions in Central West Sydney. On one side of the fence is Neeta City, a sub-regional shopping centre in Fairfield that recently sold for $86.5m – roughly in-line with the price it last traded for 13 years prior. On the other side, Chester Square, a neighbourhood shopping centre sold for $68.5m in 2017, well above the $29.5m paid seven years prior. These are indicative of the two-tiered nature of the current retail investment landscape. Scattered between are a number of industrial properties, once considered poorer cousins to retail, but now enjoying their time in the sun and experiencing strong capital growth.