Schofields Village in Western Sydney has been listed for sale, presenting the opportunity to acquire a metropolitan neighbourhood shopping centre that dominates its catchment.
Completed in December 2021, Schofields Village located at 227 Railway Terrace, Schofields is a state-of-the-art-development that has won a number of accolades, including the renowned Master Builders NSW Excellence in Construction award.
Schofields Village is anchored by a strong-performing Coles supermarket and supported by a diverse mix of 16 convenience retailers which include a medical centre, pharmacy, childcare centre and numerous national food and beverage operators.
JLL’s Nick Willis, Sam Hatcher, and Sebastian Fahey have been exclusively appointed to sell Schofields Village on behalf of Coles Group Property Developments via an Expressions-Of-Interest campaign.
Schofields Village is anchored by a strong-performing Coles supermarket and supported by a diverse mix of 16 convenience retailers
The asset is 100% occupied and provides an attractive weighted average lease expiry (WALE) of more than eight years. Major tenant Coles has recently signed a brand new, market-leading 10-year, net lease until 2033, with options until 2083.
The centre incorporates leading shopping centre technology measures such as controlled parking indicators, solar panels, electric vehicle charging stations and the new Coles Online Click & Collect drive-through.
Willis said, “It is unique to offer for sale a brand-new shopping centre, especially in the heart of metropolitan Sydney. Schofields Village has been developed without compromise and will set the benchmark nationally for convenience-based retailing. The outstanding performance of the centre has and will continue to reap the benefits of the surrounding uber population growth, and in turn, provide significant income growth.”
The centre is set on a 16,800m2 land holding with favourable development controls allowing for approximately an additional 42,000m2 of Gross Floor Area in the future (STCA).
More than 6,500 units are planned for development within a 1.8km radius of the centre’s total trade area
“Further to the security, performance and depreciation benefits of the asset, the offering provides significant growth opportunities, given its position in the booming Western Sydney growth corridor. The centre is set to capitalise on more than 6,500 units planned for development within a 1.8km radius of the centre’s total trade area,” said Willis.
The property is situated in close proximity to the Schofields Train station and is well connected to amenities in the broader Western Sydney precinct.
Hatcher adds, “We have seen a real shift in investor demand towards these convenience-based assets given their resilience over the past few months. Difficulty in this sub-sector is the availability of quality assets, with current volumes down approximately 54% from the record-breaking sales volumes in 2021. This offering to the market is an opportunity for investors to acquire a trophy generational asset.”
Expressions of Interest for Schofields Village close on Wednesday, 15 March 2023.
The centre incorporates leading shopping centre technology measures such as controlled parking indicators, solar panels, electric vehicle charging stations and the new Coles Online Click & Collect drive-through
